The post The price of Bitcoin approaches a Death Cross appeared on BitcoinEthereumNews.com.

The recent collapse in the price of Bitcoin has brought it closer to a new Death Cross. In this specific case, the Death Cross is the moment when the 50-day simple moving average (SMA) falls below the 200-day SMA.  The 50-day SMA of the Bitcoin price is currently around $62,300, while the 200-day SMA is around $61,600. However, while the 50-day SMA is rapidly declining, given that the price is well below $62,000, the 200-day one is still rising.  The approach of the Death Cross of the Bitcoin price  A month ago the 50-day SMA was even higher than $66,000, while the 200-day one was lower than $58,000. Since then, while the second has continued to rise, the first has started to fall.  In mid-July the first had already dropped to about 64,000$, while the second had risen to almost 59,000$.  So actually it has been about a month that the 50-day SMA has been falling, approaching the 200-day SMA which for now is still rising.  The approach has accelerated in the last two days, as yesterday the first had dropped to 63,000$, while the second had risen to almost 61,000$.  At this rate, the overtaking should happen between Saturday and Sunday.  The effect of the Death Cross on the price of Bitcoin Generally, the formation of a Death Cross has no direct impact on the price. It is in fact information that is purely statistical, processed retrospectively.  However, it can affect market sentiment, because there are quite a few traders who use statistical parameters like this to make their evaluations.  Even in this case, however, it is a parameter with such a minimal impact that it is now considered to be approximately zero.  However, the sentiment can be influenced by a similar occurrence, because it is closely linked to…

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Filed under: News - @ August 6, 2024 10:20 pm