$BTC

Bitcoin could break out of the impending dead cross if it can use $62,000 as support. Analyst Benjamin Cowen predicts that bulls will be able to avoid a potential drop in Bitcoin price. Recent Bitcoin price action suggests that BTC/USD is approaching a moving average crossover known as a “dead cross.” Cowen assesses how Bitcoin could break out of this situation based on historical data.

A dead cross is a situation where the 50-day simple moving average (SMA) crosses below the 200-day SMA. Currently, the 50-day and 200-day SMAs are at $61,998 and $91,882, respectively. A dead cross is generally considered a warning of a downward move in Bitcoin’s price. However, the last dead cross in 2023 did not stop Bitcoin from rallying, and Bitcoin used it as support by breaking above the 50-day SMA. The BTC/USD pair recovered during the day, reaching $62,775. Market watchers have observed a lack of recovery in the futures market after a rare major rally in Bitcoin’s history. Julio Moreno of onchain data analytics platform CryptoQuant noted that Bitcoin’s rally was largely due to the closing of short positions in the futures market.

Analyst Axel Adler Jr. highlighted the $62,000 level as a significant resistance level, while the major support level is still below $50,000. Bitcoin’s ability to break above $62,000 and maintain it as support could have a decisive impact on price movements.

Key Points:

  • It is critical that Bitcoin uses the 50-day SMA at $62,000 as support.

  • Macroeconomic conditions and the US Federal Reserve's interest rates can affect Bitcoin's price movements.

  • Short positions in the futures market can push the price of Bitcoin higher.

  • Resistance levels above $62,000 are among the key areas to watch.


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