The Bitcoin (BTC) weekly chart is closer than ever to the “Death Cross” formation, a bearish signal for many traders. If this happens, Bitcoin will experience the Death Cross for the first time on a weekly basis.
While the Bitcoin price has been in a downward trend for a long time, it started to look bad in this direction on the technical chart. Looking at the weekly chart 50-week moving average (50MA) rapidly falling and for the first time in history 200 week MAIt appears to be moving towards the bottom. If there are no sudden and unexpected price movements in the coming period, it will be seen on the weekly chart for the first time in history.Death Cross” probably in the second week of January will happen.
If this happens, the week when both moving averages overlap will be referred to as the “Death Cross” week. Analysts think that during the bear market, the MA50 acted as a strong resistance and its cross with the MA200 could trigger a new downtrend.
on the other hand not all analysts share the same opinion. Some analysts consider the “Death Cross” data to be a lagging indicator and unreliable. this thought March of 2020 of the Death Cross hit the bottom and after that point the ascent started supports.
