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Bitcoin (BTC) Hourly Death Cross Emerges: Details
A Bitcoin hourly death cross has emerged, following a sharp decline in the cryptocurrency’s value over the past 24 hours. As of writing, BTC was down 5.35% at $91,512, its lowest level since November 13th.
The recent market drop has led to a grim technical indicator for Bitcoin investors: an hourly death cross. This phenomenon occurs when the shorter-term moving average (50-period) crosses below the longer-term moving average (200-period). In this case, the 50-period MA has fallen below the 200-period MA, signaling bearish momentum.
However, it’s essential to note that death crosses do not always translate into further declines. Historically, they have been more accurate in their forecasts when combined with other factors like volume and market sentiment.
Market participants are closely watching Bitcoin’s support levels, particularly around $90,000. If the cryptocurrency continues to drop, this level might serve as a critical psychological barrier. On the upside, should the rebound gain momentum, the $99,974 level could become a crucial resistance point to monitor.
In the event that Bitcoin recovers and clears this hurdle with conviction, there’s a possibility of retesting above the psychological $100,000 mark. This could open doors for further growth, potentially targeting levels like $108,000 and even $113,000.
Ultimately, traders will need to closely track the market’s development and adapt their strategies accordingly.
Source: u.today
