Bitcoin Death Cross alert: Is BTC’s next grave $70k?
A recently spotted Bitcoin (BTC) death cross pattern could herald more losses to come for the leading digital asset. At the tail end of the weekend, BTC crashed below $80,000 for the first time in weeks, in tandem with the wider crypto market’s $300 billion downturn. By press time on April 7, Bitcoin was changing hands at a price of $76,180, having marked an 8.25% decline within the last 24 hours of trading on strong volume. BTC price 1-day chart. Source: Finbold A death cross chart pattern occurs when an asset’s 50-day simple moving average (SMA) crosses below its 200-day SMA, and tends to signal the beginning of an extended downturn. The BTC death cross in question was highlighted by cryptocurrency analyst Ali Martinez in an April 7 X post, having coincided with Bitcoin’s drop below the $80,000 support level. BTC price chart with death cross pattern. Source: Ali Martinez on X However, several counter-theses have been put forward, hinting that se...