RATE Group | Bitcoin Indicator that Crashed Price to $3.1K Returns: The Dreaded Death Cross
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Bitcoin Indicator that Crashed Price to $3.1K Returns: The Dreaded Death Cross

22 Jan Bitcoin Indicator that Crashed Price to $3.1K Returns: The Dreaded Death Cross

Posted at 15:16h in Bitcoin News by

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Bitcoin is looking to repeat a technical pattern that crashed its price to $3,120 in late 2018.

The leading cryptocurrency by valuation made a rebound from levels near $13,920 during June 2019. It plunged by more than 53 percent in the later sessions, falling to establish a local bottom towards $6,410. Entering January 2020, an upside recovery pushed bitcoin’s rate to a swing top of $9,190.

The latest move uphill improved the cryptocurrency’s interim bullish bias. Analysts predicted further gains, expecting that investors would consider bitcoin as a haven against gloomy macroeconomic sentiments, including the Federal Reserve’s injection of $500 billion into the repo market that could raise demand for hedging assets.

Nevertheless, a dreaded technical indicator is giving an alarming view of the bitcoin market. It shows that the cryptocurrency’s recent gains are a…

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