Bitcoins dip is now a thing of the past as its price has rallied constantly from $3,860 to its current price of $6,740. With a 10% surge in the last 24-hours, the king coin is performing comparatively better than it did last week. However, this surge might be coming to an end considering the formation of an extremely bearish pattern - Death Cross.
Death Cross is when the 50-day moving average moves under the 200-day moving average. Usually, the 200 DMA is (considered) as a line that separates the bull run from the bear run by a majority. Hence, when the fast-moving average goes under the slow-moving average, it is considered as a bearish sign.
- Bitcoin's 21% surge in the last 24 hours seems to be coming to an end with death cross looming over the price.
- Depending on where the price closes today, the next target will either be $6,440 to $5,770 or $7,400.
Source: Trading View.
Bitcoin its descent on February 24, 2020. While nobody expected the price to collapse by the amount that it did, the price of Bitcoin went from $10,030 to $3,860. This was a fall that stunned the entire ecosystem. However, since this drop, BTC has managed to rally to $6,700, which happens to be the current price of Bitcoin.
As shown, there is overhead resistance at $6,825 that BTC has faced and rejected. As mentioned, Bitcoin's future depends on this aforementioned resistance and breaching this level would mean a bullish trend. However, if it fails, the price will head lower to the next immediate support.
If today's close breaches $6,825, then the next target for Bitcoin would be the intersection at the sloping resistance - $7,400. Unless the price breaches manage to breach the resistance today, the price will drop to the first support at $6,440, further bearish pressure would push the price to $5,770.