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Bitcoin (BTC) Hourly Death Cross Emerges: Details
Bitcoin (BTC) is once again in the red as it continues to struggle, forming a death cross for the third consecutive day. This recent downturn has sparked concern among traders and investors alike, prompting many to reassess their positions and reevaluate their strategies.
As of today’s closing price, Bitcoin’s hourly chart now displays a clear bearish crossover, with its 50-hour moving average (MA) crossing below the 200-hour MA. This phenomenon is often referred to as an “hourly death cross” or even an “inverse golden cross.”
While death crosses are generally viewed as bearish signals, it’s essential to remember that they do not always guarantee further declines. The market is now closely monitoring Bitcoin’s support levels, with the critical psychological barrier of $90,000 being a level to watch if selling pressure continues.
On the other hand, if the rebound is sustained, the $99,974 level might prove to be a crucial turning point for buyers. A strong rally off this level could potentially set the stage for Bitcoin to push above its previous highs and reclaim $100,000.
Source: u.today
