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Death Cross double-tap: Why Bitcoin’s downward spiral may not be over
Bitcoin’s price continues to plummet, with the cryptocurrency trading at $82,499 as of press time. The asset has broken below crucial support levels and is now facing increasing bearish pressure.
The recent Death Cross event, where the 50-period moving average fell below the 200-period MA on both daily and 12-hour timeframes, has further reinforced this sentiment. A historical analysis reveals that such a crossover often precedes extended periods of downward price action.
Source: TradingView
According to Ali Charts, Bitcoin’s 50-day and 100-day moving averages have also crossed over, suggesting continued momentum shifts. This bearish signal underscores the need for traders to closely monitor Bitcoin’s performance at critical levels.
In order to reverse this trend and potentially shift momentum back in favor of buyers, it is essential that Bitcoin holds above $82,902, which serves as immediate support. A breakdown below this level could push the asset towards $80,380, marking a critical support zone.
As Bitcoin struggles to reclaim the psychological barrier at $85,723 – the 50% Fibonacci retracement level – traders must keep a close eye on key resistance levels for confirmation of trend continuation or reversal.
It is crucial that investors are aware of the current market sentiment and maintain caution when considering investments in this volatile space.
Sources:
* TradingView
Source: https://ambcrypto.com/death-cross-double-tap-why-bitcoins-downward-spiral-may-not-be-over/
