#Bitcoin Daily Chart Analysis - Towards Death Cross
Bitcoin, might be on track for its major "#DeathCross " in 2023 into September upto next week.
Bitcoin's daily chart is set to print what is regarded as a "death cross," a #BearishZone chart pattern, for the first time since January 2022. Notably, this would be the first occurrence of this type on the daily chart in 2023, with the weekly chart painting a death cross earlier this year in February 2023.
WHAT IS DEATH CROSS?
Bitcoin's daily moving MA 50 is set to cross beneath its moving average MA 200, which would yield the dreaded 'death cross' pattern.
It should be recalled that Bitcoin painted a #GoldenCross on its daily chart in February of this year, preceding its rise to highs above $31,000 in April.
Bitcoin's death cross is expected to occur in the coming days but probably next week, and analysts are already paying keen attention to the impending crossover, indicates the deep BearishZone.
Death crosses, on the other hand, should not be considered an ultimate signal, as some experts refer to them as a lagging indicator. Furthermore, experience has shown that the Bitcoin death cross is unreliable as a solo signal.
Bitcoin extended its declines after the Securities and Exchange Commission delayed its decision on all spot Bitcoin Exchange Traded Fund (ETF) applications.
Today, $BTC fell to lows of $25,528 last seen in mid-June of this year before slightly rebounding.
At the posting time,
$BTC was marginally down - 0.44% in the last 24 hours to $25,675
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