2023-09-08 23:11:21
© Reuters. Bitcoin price reaches death cross and raises alarm in the market
Blockmarket – The price of bitcoin is suffering a strong devaluation in the crypto market. With this move, two moving averages crossed on the cryptocurrency’s daily chart, which may represent a wake-up call for investors.
The crossing of these moving averages is known in the crypto market as the death cross. In this case, the event is observed when the 50-day moving average falls below the 200-day average.
Historically, when the death cross is observed on the cryptocurrency’s daily chart, a sharp devaluation hits bitcoin shortly thereafter. In this way, BTC’s graphic movement may signal more decline on the way.
bitcoin death cross
The price of bitcoin has been falling since the last month on the market. Still in August 2023, the cryptocurrency approached US$30,000, but fell again in the last two weeks of the month.
With the fall, the price of bitcoin reached values below US$ 26 thousand. This average has been maintained by the cryptocurrency since then, with no strong variations presented in the crypto market recently.
And with this performance, a death cross was observed on the chart as the 50-day moving average price fell. Therefore, this movement represents that the average price of bitcoin in this period is lower than the 200-day period.
BTC Price
Currently, the price of bitcoin is being quoted below US$26,000. According to data from CoinMarketCap, each unit of BTC trades for $25,881 across the pair.
This price represents a small retraction in the price of bitcoin, at around 0.13%. Before falling below US$26,000, bitcoin was traded for US$26,300 until this Friday morning (08).
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