Bitcoin Price Under Pressure Due To ‘Death Cross’ Concerns

Death Cross

Bitcoin price plummeted sharply today after trading in the narrow range of $8,000 level on Wednesday. The latest selloff isn’t due to ads bans, regulators clampdown or warnings; the downtrend was purely supported by traders concerns over the technical factors on price charts – market participants are predicting a massive crash in BTC price in the days to come, driven by a Death Cross trend. Bitcoin price declined more than 7% today, down 15% in the last seven days.

TV analyst Abigail Doolittle said, ‘the “death cross” trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin”.

Death Cross

Source Image: bitcoincharts.com

A death cross trend happens when the 50-day moving average (MA) cuts the 200-day MA from the top – suggesting a considerable drop in price based on technical factors. Bitcoin price chart clearly shows that the 50-day moving average is likely to cut the 200-day moving average from the top, which is creating a long-term bearish pattern for BTC price.

“That being said, any time the 50-day crosses the 200-day, it should flash a warning…and when you couple that with the fact that bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative,” Jim Iuorio of TJM Institutional Services said.

Jim Iuorio’s concerns look undoubtedly true considering declining trading volumes and declining trader interest. Cryptocurrency markets are fumbling sharply over the last two months on regulators concerns and the use of digital currencies in illegal activities. Regulators all around the globe are creating their framework to get better control of crypto markets.

>>Bitcoin (BTC): Wall Street Says HODL and Abra CEO Says Boom

The U.K. has recently formed a task force to look at the pros and cons of cryptocurrency markets, while the U.S. regulators are also inspecting crypto markets to come up with strong rules and trading guidelines. However, the market participants aren’t yet sure how the new regulations would impact cryptocurrency prices.

Featured Image: Depositphotos/© znm666

  • The Bitcoin party is over but the Blockchain party is just getting started: https://medium.com/saske/cryptocurrency-mining-vs-bitcoin-mining-profitability-5c2d348b0162

  • HODL growing pains. Buy it, store it, HODL it and forget about it. Bitcoin has a mission and for those who understand that mission and how public sentiment and use will continue to increase, bitcoin will reward them well. For those of you that are susceptible to FUD, just know that bitcoin has “crashed” so many times in the past that true HODL’ers know this is just another “Thang”. Here’s a brief history of bitcoin’s past “crashes” –

    1. Lost 30% from January 12, 2012 – January 27, 2012

    2. Lost 57% from August 17, 2012 – August 19, 2012

    3. Lost 33% from March 6, 2013 – March 7, 2013

    4. Lost 35% from March 21, 2013 – March 23, 2013

    5. Lost 83% from April 10, 2013 – April 12, 2013

    6. Lost 50% from November 19, 2013 – November 19, 2013

    7. Lost 87% from November 30, 2013 – January 14, 2015

    8. Lost 34% from March 10, 2017 – March 25, 2017

    9. Lost 33% from May 25, 2017 – May 27, 2017

    10. Lost 39% from June 12, 2017 – July 16, 2017

    11. Lost 40% from September 2, 2017 – September 15, 2017

    12. Lost 30% from November 8, 2017 – November 12, 2017

    13. Lost 70 from December 17, 2017 – February 6, 2018

    My advise to all of you is to just buy, store, HODL and forget the FUD news. Peace

    14ExagdErNJQiBGVhF4V6dRP6RnoSbWMMT

  • “TV analyst Abigail Doolittle said, ‘the ‘death cross’ trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin’.” And when enough people see this, it will!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.