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Bitcoin on the Brink as Death Cross Looms

Thu, 09/07/2023 - 19:42
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Alex Dovbnya
Bitcoin hovers dangerously close to a “Death Cross,” a technical indicator often signaling a bear market
Bitcoin on the Brink as Death Cross Looms
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Bitcoin finds itself on the cusp of a concerning technical indicator: the “Death Cross.” This phenomenon occurs when Bitcoin’s 50-day Simple Moving Average (SMA) crosses below its 200-day SMA. 

Forbes analyst Steven Ehrlich recently highlighted this trend, which often signals impending bearish momentum. 

Image by @Steven_Ehrlich

For the uninitiated, moving averages help smooth out price data to create a single flowing line, making it easier to identify the direction of the trend.

Bitcoin’s modest volatility 

Investor sentiment has been tense, with Bitcoin’s price showing modest volatility within a 24-hour range of $25,641.06 to $25,925.03. 

According to CoinGecko data, Bitcoin’s market cap is a formidable $503.8 billion.

SEC’s New Bitcoin ETF Hurdle Could Spell Trouble

However, the looming Death Cross could disrupt this relative stability.

It is not a guarantee of an upcoming bear market, but it does raise eyebrows among market participants. 

Bernstein’s bullish prediction 

In the meantime, financial research firm Bernstein predicts a significant rally in the cryptocurrency market, primarily led by Bitcoin, due to a recent court decision favoring Grayscales against the U.S. anticipated surge is expected to be driven by long-term institutional investors

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at