Summary
- It was reported that a dead cross for Bitcoin (BTC) is imminent.
- It was stated that if Bitcoin falls below $80,000, the bearish outlook will grow.
- It was analyzed that "for a market sentiment reversal, Bitcoin needs to surpass $85,000."
An analysis has emerged that a dead cross for Bitcoin (BTC) is imminent.
On the 31st (local time), BeInCrypto stated, "A dead cross is imminent where the 50-day Simple Moving Average (SMA) of Bitcoin on a daily basis falls below the 200-day SMA," adding, "The bearish outlook for Bitcoin in the market is growing." A dead cross is a phenomenon where the short-term moving average line breaks below the long-term moving average line from above, indicating a bearish market.
The media explained, "Bitcoin has maintained a golden cross state for the past 18 months," but "if Bitcoin falls below $80,000, a dead cross will occur." It further analyzed, "The selling pressure in the market may increase, and for a market sentiment reversal, Bitcoin needs to quickly surpass $85,000."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
