"Bitcoin falls below 50-week moving average, death cross forms… sign of entering a bear market"

Bitcoin (BTC) is continuing its decline amid sustained selling pressure, with technical bearish signals lighting up at the same time.

On the 18th (local time), according to Decrypt, Bitcoin recorded a 'death cross' in which the 50-day moving average fell below the 200-day moving average. This means short-term momentum is weakening faster than the long-term trend and is traditionally interpreted as a sign of entering a bear market.

Also, Bitcoin's recent weekly candle closed below the 50-week moving average, causing it to lose even the key support line that was considered a bullish start signal earlier this year.

On-chain indicators are also pointing to a downtrend. According to CryptoQuant's 'Bull Score' index, 8 out of 10 key on-chain indicators showed bearish signals.

Decrypt said, "Considering the price trends and technical indicators over the past three months, analysts believe that a bear market in the virtual asset (cryptocurrency) market has begun."