Bitcoin Potential Price Drop: 50·100-Day Moving Average Dead Cross Warning

IconCrypto News Terminal25 Apr, 2024

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Bitcoin Potential Price Drop: 50·100-Day Moving Average Dead Cross Warning

**Dead Cross Signals Potential Weak Momentum for Bitcoin** In a recent analysis by cryptocurrency expert Ali Martinez, it was observed that Bitcoin's 12-hour chart has formed a "dead cross." This occurs when the 50-day moving average falls below the 100-day moving average. Martinez suggests that this development could indicate a period of weakened momentum in the market. Martinez predicts that if Bitcoin breaks below the $63,300 support level, it could face a further drop to $61,000 or even $59,000. At the time of writing, Bitcoin is trading at $64,063.31, representing a 0.35% dip. **Previous Related News** * On April 25, 2024, Martinez noted the potential impact of the dead cross on Bitcoin's momentum and price. * On April 25, 2024, Martinez again emphasized the dead cross formation and its bearish implications. * On April 25, 2024, Martinez reiterated his warning about Bitcoin's potential price drop below $63,300. Overall, the dead cross formation suggests that Bitcoin may face challenges in the near term. Traders and investors are advised to monitor the market closely and adjust their positions accordingly.

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