Bitcoin Death Cross Today – June 20, 2021 | Opinion

* This article is not intended to be investment advice. Trading cryptocurrencies is risky and you could love all of your capital.

Key highlights

The 200-day moving average is above the 50-day MA – Bitcoin Death Cross day.

Bitcoin (CRYPTO: BTC) and other leading altcoins have been mostly flat since June 18 at 4pm.

Short positions are decreasing.

Similarities remain between today’s rate pattern and the 2019 BCD pattern.

The prediction of the Bitcoin price movement is at the end of this article.

Comparison of Today’s Bitcoin Chart and 2019 Bitcoin Death Cross Chart

It’s official: The Death Cross for Bitcoin has taken place for the fourth year in a row. The last three times this trailing indicator has signaled a buying opportunity.

The 200-day moving average for Bitcoin is now $ 42,922 while the 50-day moving average is now $ 42,557.

(Hourly BTC / USD trading view)

Bitcoin Short Interest Rate Chart

(BTCUSDSHORTS – TradingView)

Short rates are now falling, but are still close to the annual high. This high number of shorts indicates the potential for a short squeeze.

Short interest in the Bitfinex cryptocurrency exchange is up over 1,800% this month; from highs of over 2,800%.

Current Bitcoin Analysis

The similarities between the 2019 and 2021 BDC patterns are remarkably similar. In 2019, you had a downturn in BCD day; many positions were short, followed by a short squeeze. That year, Bitcoin price soared 40% from $ 7,443 to over $ 10,500.

As in 2019, the Bitcoin price was unchanged the day before the BDC; it had been in a range of about 1% for the 32 hours since the US stock market closed.

I am waiting for a small increase in the price of Bitcoin. A price above $ 41,000 is a very bullish signal as additional price increases will depress short positions.

Written by John Barry, CEO at Quantify Crypto

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