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Bitcoin has just had its first death cross this year, which often means that prices will go down. A death cross happens when a short-term average crosses below a long-term average.
In the past, this happened in September 2023, but it was soon followed by a golden cross, which indicated that prices were going up again. This led to a big price increase and Bitcoin’s price reached an all-time high near $74,000 in March.
Now, people are watching Bitcoin’s price closely to see if it will go back up or continue to fall. Will this be like last time, where the price bounced back after the death cross, or will the downward trend continue?
BTC is currently at $61,313, having gone up 0.82% in the past day and reaching a high of $61,408 earlier today. This rebound started on Thursday.
On Thursday, Bitcoin’s price went up quickly, with its highest one-day rise in over 16 months. People believe that recent market volatility is due to macroeconomic issues as well as forced selling by crypto speculators.
If the current upward trend continues and breaks through certain levels ($61,875 and $62,094), it could reach $70,000. However, if this doesn’t happen, Bitcoin’s price may settle in a range below these levels with support at $50,000.
Source: https://u.today/bitcoin-btc-forms-first-2024-death-cross-details