In the world of cryptocurrency, September 11 brought forth ominous signals for Bitcoin (BTC) traders as the renowned cryptocurrency expert, Ali Martinez, took to X (formerly Twitter) to sound the alarm.
A death cross, for the uninitiated, is a technical analysis pattern where the short-term moving average crosses below the long-term moving average. In this case, it emerged perilously close to the $27,800 mark, serving as an unmistakable harbinger of potential turbulence ahead.
Bitcoin chart analysis
At the time of the warning, Bitcoin was hovering at $25,783, showing a subtle but significant dip of 0.26% within a 24-hour window and a weekly decline of 0.79%.
Martinez emphasized that a decisive plunge beneath the crucial $25,200 support level could confirm a deeper correction in Bitcoin’s price trajectory. The cryptocurrency had found solace within a support level of $25,226.10 but faced stern resistance at $26,309, a critical point of contention for traders.
Moreover, Bitcoin had been traversing below its 200-day simple moving average, further accentuating the ominous nature of the death cross formation. A sobering statistic revealed that out of the last 30 days, Bitcoin had only experienced 11 green days, marking a mere 37% of positive trading sessions.
Despite these unsettling indicators, Bitcoin continued to boast a formidable market cap of $502 billion.
In this unpredictable cryptocurrency landscape, traders and enthusiasts alike will watch with bated breath as Bitcoin grapples with the looming specter of a death cross, while FTX’s potential $3 billion liquidation on September 13 continues to sparks fear among crypto investors pondering what this might entail for the broader crypto market.
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