The post Bitcoin Soared to Almost $63,000 Following Death Cross Rally appeared on BitcoinEthereumNews.com.

BTC prices surged to an intraday high of $62,790 during the Friday morning Asian trading session. The move added 9.5% to the value of the asset over the past 12 hours as it climbed from its intraday low of $57,000 late on Aug. 8. Bitcoin has now recovered around 25% from its dump to $49,800 on Monday following a bout of dip buying and is on track for recovery back to its range-bound channel and accumulation zone. Death Cross Averted In a post on X on Aug.9, analyst and ITC Crypto founder Benjamin Cowen said that Bitcoin would rally into its death cross. The forecast has now materialized, and the bearish technical signal is in the past … for now. On Monday on my YouTube channel I mentioned that we would likely see a #BTC rally into its death cross. You can see that rally has now arrived. So perhaps some context is needed – What happened during prior death crosses? Thread 👇 pic.twitter.com/pDbfYTseYs — Benjamin Cowen (@intocryptoverse) August 8, 2024 A death cross is a technical analysis indicator that shows a short-term moving average falling below a longer-term moving average, usually a 50-day and a 200-day. It is often a signal of a bearish trend reversal, but that is not always the case. Cowen observed that in 2023, BTC started its rally just after the death cross. “It then got above its 50-day SMA (simple moving average) and subsequently held it as support before going higher,” he added. However, in 2022, there was a small rally into the death cross, but it faded after the chart pattern occurred. The analyst concluded that Bitcoin would have to hold above support at $62,000 for the move upwards to be sustained. However, the asset has since retraced below that level. “The durability…

---

Filed under: News - @ August 9, 2024 11:28 am