- Bitcoin is approaching a market pattern known as a “death cross” after going through one of the worst price slides in recent years, with the crypto dipping below $40,000 on Monday.
- Seven straight days of losses have marked the beginning of the year for Bitcoin, with the longest losing streak since August 2019 and the worst launch of a new year since 2012.
- Crypto traders have been cashing in their holdings recently. Coinglass has revealed that over $340 million in cryptocurrency was liquidated at the beginning of the week.
Anthony Cuthbertson from The Independent writes:
“Bitcoin is approaching a market pattern known as a “death cross” after experiencing one of the worst price slides in recent years.
The cryptocurrency dipped below $40,000 on Monday following seven straight days of losses, marking the longest losing streak since August 2019 and the worst start to a year since 2012.
Bitcoin has since recovered slightly but market analysts are now watching to see if it can hold and remain above the dreaded death cross.
The ominous-sounding term refers to when bitcoin’s 50-day moving average crosses its 200-day moving average, which has historically indicated the end to a bull market. Notable death cross events in traditional markets include the Wall Street Crash of 1929 and the 2008 Financial Crisis.
Bitcoin is currently trading at its lowest price level since September 2021, when the opposite of the death cross occurred, with the appearance of a golden cross…”
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