2024

Bitcoin

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Bitcoin, the leading cryptocurrency, is <a href="https://x.com/Barchart/status/1820987784938873118">on the cusp</a> of a much-feared death cross, according to Barchart.&nbsp;
<blockquote>
 Imminent Death Cross Formation for Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ☠️ <a href="https://t.co/dNHB4TWf2z">pic.twitter.com/dNHB4TWf2z</a>— Barchart (@Barchart) <a href="https://twitter.com/Barchart/status/1820987784938873118?ref_src=twsrc%5Etfw">August 7, 2024</a>
</blockquote> 
The ominous pattern is about to emerge after the cryptocurrency's short-term gains have failed to surpass its long-term gains. To be more precise, this pattern tends to appear after the 50-day moving average falls below the 200-day moving average.&nbsp;
A death cross is generally believed to mark the start of a brutal market downtrend. However, just like a golden cross, it tends to be a lagging indicator since averages are based on past data.&nbsp;
In some cases, the death cross can end up being a false signal if there is no decisive bearish reversal. For instance, <a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005">Bitcoin</a> recorded a death cross in March 2020 only to hit a new all-time high later that year. The cryptocurrency also recorded a death cross in June 2021 but managed to surge to a record peak just months after that event. &nbsp;&nbsp;
Most traders have to rely on a combination of different patterns in order to be able to see some directional signals. &nbsp;
<h2 id="is-the-worst-finally-over">Is the worst finally over?&nbsp;</h2>
Earlier this week, the price of the leading cryptocurrency crashed below the $50,000 level for the first time in months due to the global stock market crash. As a result, market sentiment plunged back into extreme fear territory.&nbsp;
However, the flagship cryptocurrency managed to rebound sharply on Tuesday, surging back to $57,000. It is currently changing hands at $57,218, according to CoinGecko data.&nbsp;
According to independent financial research boutique Fundstrat, the worst might be already over for markets after a strong Thursday rally. “.. And we also view this panic as ultimately being a growth scare (coupled with a carry trade unwind,” the firm&nbsp;<a href="https://x.com/i/bookmarks?post_id=1821039448148079035">added</a>.&nbsp;

Bitcoin (BTC) Facing Imminent Death Cross

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