Bitcoin Charts ‘Death Cross’ After 47% Price Drop From 2019 High

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• Bitcoin has charted a so-called death cross with recent the drop to $7,400. The bearish cross comes as a result of the 47 percent slide from the 2019 high of $13,800, and as such is a lagging indicator.
• Historical data shows BTC tends to bottom out after a death cross.
• The cryptocurrency has picked up a bid at press time, but is yet to invalidate the bearish case with a move above the Sept. 30 low of$7,714.

A long-term bitcoin price indicator has turned bearish, courtesy of the cryptocurrency’s sharp drop in the last four months.

The 50-day moving price average (MA) crossed below the 200-day MA today, confirming a “death cross” for the first time since March 31, 2018, according to Bitstamp data.

The long-term bearish cross was preceded by a sharp drop from the 2019 high of $13,880 (June 26) to the low of $7,293 (Oct. 23).

To put it another way, the death cross is the product of the 47 percent slide from the high of $13,880. After all, the 50-day MA responds…