Bitcoin Price Correction Imminent as Death Cross Signals Downtrend

IconCryptoNewsTerminal Staff13 Aug, 2024

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Bitcoin Price Correction Imminent as Death Cross Signals Downtrend

Alex Kuptsikevich, senior market analyst at FxPro, has issued a warning for Bitcoin investors, citing the recent formation of a death cross between the 50-day simple moving average (SMA) and the 200-day SMA. This technical indicator often signals a bearish trend reversal, and coupled with Bitcoin's declining dominance, suggests a possible drop of over $5,000 if the $60,000 level is not reclaimed soon.