Bitcoin (BTC) Facing Imminent Death Cross

Bitcoin, the leading cryptocurrency, is on the cusp of a much-feared death cross, according to Barchart.

Imminent Death Cross Formation for Bitcoin $BTC

pic.twitter.com/dNHB4TWf2z- Barchart

(@Barchart) August 7, 2024

The ominous pattern is about to emerge after the cryptocurrency's short-term gains have failed to surpass its long-term gains. To be more precise, this pattern tends to appear after the 50-day moving average falls below the 200-day moving average.

A death cross is generally believed to mark the start of a brutal market downtrend. However, just like a golden cross, it tends to be a lagging indicator since averages are based on past data.$BTC #BinanceTurns7 #Megadrop $ETH