‘Death Cross’ Chart Formation Is A Concern For Bitcoin

Share post:

Analysts who observe bitcoin coined the term “death cross” to describe when a short-term average trend line changes to a long-term average trend line that signals a change in price dynamics.

The most important highlights are the combination of 50 days and 200 days.

Over the weekend, bitcoin’s price fell below its 200-day moving average.

The plunge follows bitcoin, which has lost more than 20% in the past six days, losing half of its April high of nearly $65,000.

China’s growing crackdown on bitcoin mining has shaken the market in the first place.

Crucially for bitcoin, it would remain above and below its May 19 low of $30,066, reinforcing the negative signal of the so-called death cross.

The last death cross on the bitcoin chart occurred in March 2020, after the cryptocurrency plunged nearly 60% in six days, and shortly before triggering a rally of more than 1,000% the following year.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Silicon Valley tech founder sentenced to prison for fraud

In a significant shake-up in Silicon Valley, Manish Lachwani, co-founder and former CEO of the mobile app-testing company...

AI surpasses human benchmarks in most areas: Stanford report

Stanford University’s Institute for Human-Centered Artificial Intelligence (HAI) has published the seventh annual issue of its AI Index...

AI hallucinations ended in a year? Hashtag Trending, Monday April 22, 2024

Capital Gains tax in Canada gets criticized by tech sector.  Amazon drops 100,000 jobs while vastly increasing its...

Amazon pushes back on public perceptions of “Just Walk Out” technology

Amazon is pushing back against perceptions that its "Just Walk Out" technology is exaggerating the capabilities of its...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways