Bitcoin Barrels Into ‘Death Cross’ as Chartist Backdrop Darkens

Amid Bitcoin’s decline this week, eagle-eyed chart watchers noted that an ominous-sounding technical break could be imminent: the coin is approaching a bearish pattern known as the Death Cross.

The world’s largest digital currency has plummeted, bringing its average price close to its 200-day moving average over the past 50 days. Should the short-term line fall below the long-term, the coin would reach the forbidden formation. The indicator is usually viewed as a closely watched technical measure that could give an indication of further pain.

The last time Bitcoin marked a death cross was in November 2019 – the cryptocurrency was down about 5% a month after it exceeded it.

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