Bitcoin faces Death Cross once again

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Bitcoin faces Death Cross once again

23-07-2021 22:31

Bitcoin faces Death Cross once again

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Bitcoin faces Death Cross once again

Bitcoin faces a risk of getting under bearish pressure again after forming a so-called “death cross”. Analysts note that yet another bearish intersection of long-term moving averages can appear in the near future.

CoinDesk analyst Omkar Godbole was one of the first to notice this technical signal. He said that the first “death cross” was formed on June 20 when a 50-day moving average fell below a 200-day one. This situation may repeat, Omkar warned. Now, a 100-day moving average is starting to cross a 200-day MA. The last time it happened was in May 2020. According to the technical analysis principle, this cross may be a sign of a sharp market decline.

Remarkably, such a cross of long-term averages often turns out to be a lagging indicator that causes wrong trading decisions. For example, after 100-day and 200-day moving averages crossed in May 2020, bitcoin’s behavior was hardly bearish. The same situations were witnessed in April 2018 as well as October and April 2014 when the most popular cryptocurrency demonstrated intermediate price lows. In November 2019, a decline was prolonged.

Meanwhile, analysts at Amber Group believe that a fall in bitcoin prices can revive the interest of hedge funds. Investors are likely to return to the market after bitcoin plunges below $25,000. At the same time, JPMorgan experts noted that the interest from institutions has almost faded away recently.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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