The Price of Bitcoin Faces a Challenging Outlook with the Approaching Death Cross and a Drop Below $23K

 

death cross bitcoin

An unusual event is unfolding in the Bitcoin market as the weekly price update reveals an impending death cross and a decline below $23K. Despite a strong recovery in the cryptocurrency market this year, the approaching bearish death cross on the weekly chart is causing some concern among investors.

Watcher Guru reports that, the crypto market is anticipating a significant shift as the 50-day weekly Moving Average is poised to cross below the 200-day Moving Average, forming a well-known market indicator. 

The appearance of this indicator on Bitcoin's weekly chart is unprecedented and is causing some anxiety among investors. But, some analysts believe it is no reason to be alarmed.

In his tweet, an analyst named Game of Trades shares a chart of Bitcoin prices and potential death cross pattern.


The death cross is a familiar phenomenon in the stock market and refers to the situation when a stock's short-term Moving Average drops below its long-term Moving Average. This indicator stands in contrast to the golden cross and offers different perspectives on the market's future performance. It is usually considered a warning sign of a possible prolonged bear market.

The death cross has now emerged on the weekly chart of Bitcoin, as this update on the price of the cryptocurrency is dominated by the approaching death cross. 

The year 2022 was a difficult period for the cryptocurrency market, making the possibility of a long-term bear market understandable. The digital asset experienced a significant decrease in value throughout 2021-2022.

Following this, Bitcoin experienced a drop to a four-week low of $22,408 in the morning before recuperating to $22,638 at the time of reporting. 

Additionally, U.Today suggests that the announcement of an investigation by the US Securities and Exchange Commission into the crypto exchange platform Kraken may have contributed to today's market decline.

The recent developments, along with remarks made by federal officials during the week, have provided new insights into the economic outlook of the United States. 

Nevertheless, despite the impending death cross sparking some apprehension, there is a widespread belief that there is little to worry about. [pc]


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