last week SEC’of cryptocurrency exchange Krakenfalling with the lawsuit against Bitcoin (BTC) and the crypto market now New York Department of Financial Services (NYDFS) BUSD issuer Paxosnew to BUSD It went into decline when he ordered it to cease printing.
After these successive news BTC And altocins Although it returns some of its gains in 2023, the leading cryptocurrency Bitcoin is above $ 21,000.
Popular analyst as investors wonder if Bitcoin and altcoins will continue to decline Benjamin Cowen, Recently BTCon the weekly chart of “Death Cross” He stated that a technical pattern known as
“And here it is. The first weekly death cross for Bitcoin has been seen.”
And there it is – the first weekly death cross for #BTC pic.twitter.com/Ana9VkuWl0
— Benjamin Cowen (@intocryptoverse) February 13, 2023
What is the Death Cross?
Death-Cross: The short-term average crosses the longer-term average from top to bottom. This intersection is considered important as a sign of great weakness.
That is, this pattern occurs when a shorter-term moving average, such as the 50-week, falls below a longer-term moving average, such as the 200-week.
When we look at the chart shared by Cowen, we see that the 50-day average in Bitcoin cuts the 200-day average from top to bottom.
Technically speaking, this pattern is interpreted as a sign of a potential uptrend reversal and the start of a downtrend.
The death cross, which is generally thought to lead to a significant price drop, is seen as a warning for investors to be careful.
Time will tell if the death cross seen on BTC’s weekly chart will trigger a drop.
*Not investment advice.
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