Bitcoin (BTC) records rare occurence as weekly chart shows ominous 'death cross' BTC $BTC
is set to see a very rare occurrence on its price chart as the cryptocurrency's weekly moving average 50 has converged with the weekly MA 200. The weekly MA 50 looks set to cross below the MA 200 for the first time on record in a day or two, confirming the bearish death cross.
Bitcoin has never seen a death cross on its weekly chart before, so the appearance of one might seem concerning. However, some analysts believe the indicator is based on backward-looking moving averages, as most of the sell-off might have occurred before the crossover.The death cross is the opposite of the golden cross and might signal a long-term bear market. This is understandable given that 2022 was a difficult year for cryptocurrencies, as evidenced by falling prices.
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