The ‘Death Cross’ pattern failed after Bitcoin (BTC) price moved above from 50-day’s low of $6,500. BTC price soared sharply on Monday and extended the uptrend into today’s trading, amidst concerns regarding the immediate price crash on Death Cross pattern – which occurred on Bitcoin price chart on Sunday when its 50-day moving average has cut the 200-day moving average from the top.
BTC price started recovering losses after hitting 50-day low of $6,500 during the weekend. Bitcoin currently hovers in the range of $7,300, up more than 5% today following a sharp recovery on Monday.
Source Image: bitcoincharts.com
The uptrend in BTC price confirmed that death cross pattern fails to create any damage to prices.
The entire cryptocurrency market is in the green since the start of this week. Ethereum (ETH) and Ripple (XRP) recovered sharply from four months lows, amid a broader rally in crypto markets.
“People need to recognize that crypto is still young and like the internet, those early years can be ugly,” Tatar said. “I do hope that things stop getting thrown at bitcoin, but as most teens know, life comes fast and hard from all directions during the early years,” analysts say.
Bulls are of the opinion that regulators scrutiny and advertisement bans would help crypto markets to streamline their operations, driven by regulators potential to vanish criminal activities and price manipulation techniques.
Jack Tatar, the co-author of “Cryptoassets, said, “while recent bans on cryptocurrency advertising by Facebook, Twitter and Google hurt prices short term, they could legitimize the space.”
Regulators role is turning vital in enhancing crypto markets credibility after reports of scams, frauds, and thefts in the last couple of months. Regulators all around the globe are asking cryptocurrency exchanges to get a registration certificate or expect a crackdown on them. Japan and the United States are among the key players that are taking the lead in regulating cryptocurrency markets.
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