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September 13th News
The price of the largest cryptocurrency, Bitcoin (BTC), has formed a death cross pattern, which is considered an important bearish signal in technical analysis. This formation may signal that Bitcoin is entering a more turbulent period. A death cross pattern occurs when the short-term moving average of the cryptocurrency king falls below the long-term moving average over time, and this trend is seen as a bearish signal.
Bitcoin Price Forms Death Cross Pattern
With the 50-day short-term moving average crossing below the 200-day short-term moving average, the price chart of Bitcoin has formed a death cross pattern. Steven Ehrlich, Director of Forbes Crypto Research, issued a warning about this pattern on his personal X account, stating, "Another death cross has formed as BTC's 50-day SMA crosses the 200-day SMA."
This situation is supported by the recent steady decline in liquidity in the cryptocurrency market. According to data from the on-chain data platform Glassnode, both on-chain and off-chain transaction volume metrics have reached historic lows.
Furthermore, the further decline in the price of Bitcoin signifies that a significant portion of the supply has suffered unrealized losses, officially marking the beginning of a bear market.
Possibility of a Bitcoin Price Bull Market
Looking at the current outlook for Bitcoin from a positive perspective, the largest cryptocurrency has formed a double bottom pattern in the past few months. The price currently shows signs of staying above the support level of the double bottom pattern.
Cryptocurrency analyst and trader Trader Tardigrade suggests that a significant bull market may occur if the price remains above the current support level. According to data provided by the cryptocurrency data and price platform CoinMarketCap, Bitcoin is currently trading at $25,636, with a 0.46% decrease in the past 24 hours. |
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Post time 17-9-2023 05:58:44