news 
Bitcoin (BTC) Hourly Death Cross Emerges: Details
As the cryptocurrency market continues to face uncertainty and turmoil, a concerning development has taken place in the hourly charts of Bitcoin (BTC). An hourly death cross has emerged, which could potentially signal further losses for the asset.
At the time of writing, BTC was down 5.35% in the last 24 hours, after earlier dropping as low as $92,115 on Friday’s trading session. This marks its third consecutive day of declines, a trend that investors are closely monitoring.
A death cross occurs when an asset’s short-term moving average (MA) crosses below its long-term MA. In Bitcoin’s case, the hourly chart is displaying a bearish signal, as the 50-period simple moving average (SMA) has crossed below the 200-period SMA.
While death crosses are often viewed as bearish indicators, it’s essential to note that they do not always guarantee further declines. Instead, traders should focus on Bitcoin’s support levels and potential areas of consolidation.
If selling pressure continues, market analysts will be keeping a close eye on $90,000 as a critical psychological barrier. A sustained bounce off this level could signal the start of a reversal, with the $99,974 mark serving as a key resistance area to watch.
On the flip side, if Bitcoin manages to reclaim the $99,974 level with conviction, it could be seen as a sign that the bearish momentum is fading. In such an eventuality, the asset’s price could potentially retest the previous highs above $108,000, with targets of $113,000 and $125,000 coming into play.
As investors navigate this complex market environment, it’s crucial to stay informed about critical support and resistance levels, as well as any updates on market sentiment and potential catalysts for a turnaround.
Source: u.today
