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Bitcoin (BTC) ‘Death Cross’ Appears on Rare Indicator: What Happens Next?
As the cryptocurrency market continues to experience a significant correction, a rare and ominous indicator has appeared on Bitcoin’s chart. The “death cross” – a bearish signal that occurs when the 50-period moving average crosses below the 200-period moving average – has emerged on a key indicator.
This development is particularly concerning given the recent price action. According to data from Glassnode, the most efficient traders bought nearly 15,000 BTC at the $78,000 low on March 10 and sold at the $87,000 local top. This indicates that there was significant accumulation at this level, which now serves as support.
However, with little BTC left at the $78,000 level, the thinning of support is a cause for concern. On the other hand, the data suggests that nearly 20,000 BTC were added to the “support cluster” of $80,920 below Bitcoin’s spot price. This could potentially absorb some of the downside pressure.
Furthermore, if the correction deepens, the six-month cost basis data points to potential structural support at $74,000 (49,000 BTC) and $71,000 (nearly 41,000 BTC). These levels reflect conviction-driven accumulation zones that may not easily give way under selling pressure.
In contrast, a key resistance may be forming around $95,000, where investor cost basis clusters have grown by 12,000 BTC since March 24. This suggests that investors who entered at this level are unlikely to sell their holdings in the short term, potentially providing an upper limit for the correction.
Given these developments, it’s crucial to pay attention to other indicators and market signals to better understand what comes next.
Source: https://u.today/bitcoin-btc-death-cross-appears-on-rare-indicator-what-happens-next
