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Bitcoin Flashes Death Cross on Daily Chart – Deeper Downtrend Ahead?
By Sebastian Villafuerte
Bitcoin has flashed a death cross on its daily chart, sparking concerns about the potential for a deeper downturn in the market. This technical indicator is notorious for signaling bearish reversals and has been accurate in predicting market shifts in the past.
The recent decline of Bitcoin’s 50-day moving average below its 200-day moving average, often referred to as a death cross, has raised alarms among investors. As the chart indicates, this crossover typically marks the start of a significant downward move or correction.
Historically, this phenomenon has been observed in previous market downturns, including the prolonged bearish trends seen in 2018 and 2020. In both cases, Bitcoin’s value plummeted, with losses exceeding 70% and 50%, respectively.
Given the current technical context, it is crucial to assess the implications of a death cross on the broader crypto landscape.
The article then presents an analysis of the market situation and potential consequences for investors, along with some insights into the cryptocurrency space.
Source: https://bitcoinist.com/bitcoin-flashes-death-cross-on-daily-chart-deeper-downtrend-ahead/
