A new BTC “death cross” suggested that there will be even stronger turbulence that could lead the benchmark cryptocurrency to a downside. Bitcoin was in a rocky spot over the past few days and weeks and it saw some notable losses after it first broke the $19,000. In today’s BTC price news, we are taking a closer look at the price analysis.
The selling pressure below the level was quite intense previously but usually, the cryptocurrency posts a v-shaped recovery which helps it reclaim this as support. Unlike the previous weeks, BTC has yet to see more inflows of buying pressure which could help it spark another strong momentum. The cryptocurrency is trading below $18,000 and struggles while breaking back above it. One analyst noted that this is the start of turbulent few days and that the new BTC death cross, could bring us more pressure to the downside.
Bitcoin’s recent break below $19,000 was not an ideal technical development since it led the cryptocurrency to drop below $17,500 before it was able to find more support. Whether or not this support will hold strong in the mid-term, will depend on how will BTC react to $18,000. Now, it is slowly moving to test this level but it could face a strong rejection here. One analyst noted that the cryptocurrency cloud formation will post a new death cross which means more downside is inbound.
Ever since BTC first broke below $19,000, it was slowly inching lower as the buyers had a hard time taking control of the price action. At the time of writing, the crypto assets are trading down under 2% at a current price of $17,980 which is around the same price level that it was trading over the past 12 hours. Whether It will be able to gain a strong foothold above $18,000, we will find out soon enough.
One sign of major turbulence in the near-term is a forming death cross on the cloud formation. This led one analyst to claim that a stronger wave of volatility will be imminent in the upcoming days and weeks ahead:
“Expecting a little bit of turbulence. The cloud is slowly starting a death cross, something that we didn’t see since 10,000$ area. My plan is to: – Not short ( can’t be asked to monitor ) – Slowly add on supports.”
The upcoming days will provide more insight into the technical pattern’s implication for where BTC Will trend next into 2021.
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