Summary
- Bitcoin (BTC) has entered a risk zone for a weekly chart death cross pattern.
- It said that if Bitcoin fails to recover to $90,000 this week, in the worst-case scenario there is the possibility of a drop to $67,000.
- It analyzed that if the key support at $86,000 breaks, an additional decline to $74,111 could open up.
Bitcoin (BTC) has entered a risk zone for forming a death cross pattern on the weekly chart, raising the possibility of further declines.
On the 26th (local time), according to crypto asset (cryptocurrency) media U.Today, crypto asset analyst Gamza Khanzadaev said, "If Bitcoin does not recover to $90,000 before the weekly close this week, the death cross pattern on the weekly chart could be maintained."
He explained, "In the worst-case scenario, we cannot rule out the possibility of Bitcoin's price falling to $67,000."
Khanzadaev analyzed that Bitcoin is currently trading around $87,000 and has technically entered a risk zone where the 50-week moving average could cross below the 200-week moving average.
He added, "If the key support at $86,000 breaks, the next major support area could be $74,111 rather than $80,000."
He assessed, "Although a weekly death cross has not yet been confirmed, if meaningful buying does not come in this week, it is highly likely to shift into a medium-to-long-term downtrend."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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