BTC Bearish Momentum Evident in Technical Indicators
CryptoNewsTerminal Staff06 Sep, 2024
BTC Bearish Momentum Evident in Technical Indicators
CoinDesk has analyzed multiple technical indicators and found that Bitcoin is displaying clear bearish momentum. This is indicated by a death cross on the daily chart, where the 100-day simple moving average (SMA) has crossed below the 200-day SMA. Additionally, BTC is on the verge of producing a death cross between the 50-day SMA and the 200-day SMA. These indicators suggest that bullish sentiment is waning and investors are adopting a more cautious approach. The LondonCryptoClub, a cryptocurrency newsletter, has expressed concern over the deteriorating U.S. economy and its potential impact on the crypto market. The club stated that "There is growing concern in the crypto markets over the deteriorating U.S. economy. It’s not a good look for the market."
