Dead Cross Or Not? Bitcoin's Next Move Remains Uncertain
CryptoNewsTerminal Staff15 Aug, 2024
Dead Cross Or Not? Bitcoin's Next Move Remains Uncertain
Bitcoin has formed a "Dead Cross" on its daily chart, a technical pattern that typically indicates increasing selling pressure from short-term holders. This could signal a potential short-term correction for the market. However, it's important to note that dead crosses don't always lead to market downturns. In the past, Bitcoin formed dead crosses in July 2021 and September 2023 — each followed by a more than 50% rally within four months. So, while the dead cross is a bearish signal, it's not a definitive sign that Bitcoin is headed for a downturn. It's important to consider other factors, such as the overall market sentiment and the strength of the underlying fundamentals. Only time will tell what Bitcoin's next move will be. But for now, traders should be cautious and aware of the potential for a short-term correction.
