Bitcoin daily with 50dma and 100dma
A death cross has formed on the bitcoin daily chart as the 50-day moving average falls below the 200-day moving average.
The last time there was a death cross, bitcoin fell from $42,400 down to $15,700 from January to November of 2022 -- a 63% decline.
It's a popular technical indicator but it's not infallible. The previous death cross was in June 2021 and it was only followed by a 20% decline and a death cross in 2020 wasn't followed by any selling at all.
This week, a test of $25,000 found buyers but a break could lead to a fall to $20,000 or the January lows near $17,000.