‘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

Lawsuit requires Pegasus spyware to provide code used to spy on WhatsApp users

NSO Group, the developer behind the sophisticated Pegasus spyware, has been ordered by a US court to provide...

OpenAI claims New York Times manipulated ChatGPT “fabricate data”

OpenAI has challenged the New York Times' copyright lawsuit, asserting the newspaper manipulated ChatGPT to fabricate evidence. The...

Wendy’s leverages digital tech to test “surge pricing”

Wendy's is set to experiment with Uber-like surge pricing, a concept referred to as "dynamic pricing," starting in...

Meta is gathering data on Quest virtual reality users

Meta's latest policy update reveals plans to start collecting "anonymized" data from its Quest headset users, intensifying concerns...

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