Wednesday, June 16, 2021
Bitcoin Bitcoin Barrels Into ‘Death Cross’ as Chartist Backdrop Darkens

Bitcoin Barrels Into ‘Death Cross’ as Chartist Backdrop Darkens

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Amid Bitcoin’s decline this week, eagle-eyed chart-watchers noticed an ominous-sounding technical breach could be at hand: the coin is approaching a bearish pattern known as a death cross.

The world’s largest digital currency has slumped, pushing its average price over the last 50 days close to its 200-day moving average. Should the short-term line cross below the long-term one, the coin would reach the forbidding formation. The indicator is typically seen as a closely-watched technical measure that could offer a hint at more pain to come.

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The last time Bitcoin marked a death-cross was in November 2019 — the cryptocurrency was down roughly 5% one month after crossing it.

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