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![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
![[Market] Bitcoin breaks below $70,000… Korea premium at 0.31%](https://media.bloomingbit.io/PROD/news/74018332-717e-4495-9965-328fe6f56cb4.webp?w=250)
