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Bitcoin (BTC) Forms Death Cross Amid Market Drop
As of the time of writing, Bitcoin (BTC) has plummeted by 5.35% in the last 24 hours, with its price earlier dipping as low as $92,115 during Friday’s trading session. If today closes in red, it would mark a third consecutive day of losses for the world’s most popular cryptocurrency.
Amidst this decline, a death cross has emerged on the hourly chart, which could be interpreted as bearish by some market participants. A death cross occurs when the 50-period moving average (MA) crosses below the 200-period MA, indicating a potential reversal or continuation of the downtrend.
However, it’s essential to note that while death crosses are often viewed as bearish, they do not always guarantee further declines. As Tomiwabold Olajide, a cryptocurrency analyst, notes: “While death crosses can be ominous signs, they do not necessarily dictate market direction.”
The current market situation demands attention to Bitcoin’s support levels. If the selling pressure continues and the price drops below $90,000, it could have significant implications for the asset’s near-term outlook.
On the other hand, a sustained rebound off this level could potentially lead to a test of the critical psychological barrier at $99,974. A strong close above this point would increase the chances of retesting the $100,000 mark and possibly even reaching targets like $108,000, with potential highs of $113,000 and $125,000.
As traders navigate this challenging market environment, it is essential to monitor Bitcoin’s price action closely to gauge the asset’s resilience amid the current downturn.
Source: u.today
