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BITCOIN PRICE ANALYSIS CMP-$25,850: Does Death Cross imply more pain?

Key Takeaways
  • BTC's chart witnessed a brief recovery following the formation of a Bullish Engulfing pattern
  • The daily Bitcoin chart displays a 'death cross' as the 50-day moving average crosses the 200-day moving average
12-Sep-2023 By: Lokesh Gupta
BITCOIN PRICE ANALYS

BTC price rebounded after Bullish Engulfing seen on chart.

Bitcoin's price has experienced a turbulent journey recently, with BTC breaking through the significant support level of $25,000. However, there has been notable bullish activity near the lower range, and at present, the price is hovering around the $26,000 mark. On the international stage, noteworthy events include the release of US inflation data and the European Central Bank's (ECB) decision regarding interest rates. The US Consumer Price Index (CPI) data is under close scrutiny as it provides valuable insights into the Federal Reserve's potential interest rate decisions, while the ECB's choice impacts the direction of global fund movements.

On The Daily Chart:

Bitcoin's price broke the crucial $25,350 support, failing to recover and dropping below $25,600. It even slipped beneath $25,000, hitting a low around $24,901. After finding support at $25,000, the price climbed above $25,250 and $25,650, almost revisiting $26,000, with a high at $25,990. Currently, it's consolidating losses. On the technical front, the daily Bitcoin chart shows a 'death cross,' where the 50-day moving average intersects with the 200-day moving average, suggesting potential further declines.

On The 4-Hour Chart:

Bitcoin recently broke a significant triple bottom support level at $25,400, a crucial point highlighted by the triple bottom pattern observed on the 4-hour timeframe. Despite briefly dropping below $25,000, bullish activity emerged near the lows, forming a Bullish Engulfing pattern. This pattern triggered a smart recovery, propelling the price beyond the $25,250 and $25,650 levels, with the current trading position being above the 50-period four-hour Exponential Moving Average.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $502,645,005,381. The 24-hour trading volume is approximately $19,185,362,960.

KEY LEVELS :

RESISTANCE LEVEL : $26,100-$26,500

SUPPORT LEVEL : $25,400-$25,000

Are the current sell-offs in the cryptocurrency market a reason for worry? Does the appearance of a 'Death Cross' in Bitcoin indicate challenges for bullish investors? Has Bitcoin already hit its highest point for 2023, or should we prepare for an extended period of decline? Please share your views in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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