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Bitcoin on the Brink as Death Cross Looms

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Thu, 7/09/2023 - 19:42
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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. 

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

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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

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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