CoinMarketCap: Bitcoin is heading for a “death cross”

The downward curve on the graph of the change in the value of the first cryptocurrency can demonstrate the so-called “death cross”: a price pattern, after which a significant drop in the value of the asset is possible. According to CoinMarketCap, a cryptocurrency market tracking service, the price of BTC has fallen by 0.15% over the past 24 hours. The asset is trading at $16,848, after hitting a low of $16,755 over the same time frame. A retrospective analysis of the first cryptocurrency by capitalization showed that Bitcoin is in the red by more than 5% over the last week, but is growing by about 7.15% in a thirty-day period. However, according to a number of crypto community experts, investors should prepare for the worst-case scenario.. If the situation on the digital asset market does not change in the coming days, and the price of the asset continues to fall, then BTC may face this very “death cross”. A cross pattern is formed on the price chart when a short-term, for example, 50-day moving average crosses a long-term 200-day moving average from above. This demonstrates that the average price of an asset over the past 50 days is falling below the average price over the past 200 days. The “cross of death” BTC can be a significant event, since this has never happened before in the history of the first cryptocurrency. Despite the fact that in such an environment speculative investments lose their attractiveness, it is impossible to unequivocally recognize the formation of a cross on the charts as an accurate indication of the upcoming fall in the value of military-technical cooperation.. Along with any other price indicator, a cross can be a good opportunity to buy an asset. Earlier, the US Federal Reserve announced a 50 basis point rate hike.. The market reaction has returned bitcoin to the level before the recent rise, but has not yet caused a steady decline in its quotes.