2024

Bitcoin

when

Daily

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/bitcoin-btc-forms-death-cross-amid-market-drop" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has just formed its first death cross of 2024, a technical pattern that typically indicates bearish momentum. A death cross happens when a short-term moving average, usually the 50-day moving average, crosses below a long-term moving average, such as the 200-day moving average.
In the case of Bitcoin, the 50-day simple moving average (SMA) has crossed below the 200-day SMA, indicating a death cross on its daily charts.
The last time Bitcoin experienced a <a href="https://u.today/bitcoins-incoming-death-cross-this-is-what-historical-data-suggests" rel="noopener noreferrer nofollow">death cross</a> was in September 2023. However, the bearish sentiment was short-lived, as Bitcoin quickly formed a golden cross in October 2023 — just a month later. A golden cross occurs when the 50-day moving average crosses above the 200-day moving average, indicating a potential upward trend. <img alt="TradingView" data-entity-type="file" data-entity-uuid="1d092e18-82b7-46bc-9c38-4a30e39b6dd1" src="https://u.today/sites/default/files/inline-images/11082024%200000.png"><a href="https://www.tradingview.com/x/SNqcOdwU/" rel="noopener noreferrer nofollow">BTC/USD Daily Chart, Courtesy: TradingView</a>
This bullish reversal overruled the previous death cross and led to a major price rally, with Bitcoin marking all-time highs near $74,000 in mid-March.
As Bitcoin navigates through its first death cross of 2024, the market is closely watching the BTC price for signs of a potential reversal. Will history repeat itself with the Bitcoin price forming a bottom and hence another golden cross, or will the bearish trend continue?
<h2 id="bitcoin-rebounds-past-61-000">Bitcoin rebounds past $61,000</h2>
At the time of writing, BTC was up 0.82% in the last 24 hours to $61,313 after reaching intraday highs of $61,408. Bitcoin was continuing its rebound that began in Thursday's trading session.
<a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005" rel="noopener noreferrer nofollow">Bitcoin</a> rose behind a rally in global equities on Thursday, momentarily reaching $62,755. The move marked a turnaround after the market experienced its worst loss since the days of FTX's collapse in 2022 in the past week.
On Thursday, Bitcoin experienced its highest one-day rise in more than 16 months. Bitcoin is still somewhat higher, up 1.58% weekly. Traders believe the recent volatility in digital assets is the result of macroeconomic issues as well as forced selling by crypto speculators.
On the upside, Bitcoin's current bounce may require a clear break above the daily moving averages of 50 and 200, which are $61,875 and $62,094, respectively. In this scenario, Bitcoin may reach $70,000.
If this fails to happen, Bitcoin may fall into a consolidation range below the daily moving averages with support near $50,000.

Bitcoin (BTC) Forms First 2024 Death Cross: Details

Table of Contents

U_Today

Other articles published on Aug 11, 2024

BTC Daily Technical Review: Resistance and Support Levels in Focus as Price Rises

Crypto Giants Unite Against Looming CFTC Prediction Market Ban

Ethereum Gas Fees Keep Plunging, and That Is Major Problem

Solana StruggleS for ETF Approval Amid SEC Hurdles, Sygnum Bank Analyst Says

MakerDAO Suspends $WBTC Debts Amid Governance Concerns and Centralization Risks

Analyzing the Yen-Driven Selloff That Sparked Recent Crypto Crash

Join our free newsletter for daily crypto updates!