bullish

Bitcoin

Impact

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) reached $62,500 on 8th August, but has since been fluctuating.</li> 
 <li>Despite uncertainties, on-chain indicators suggest a predominantly bullish market.</li> 
</ul>  
<p>Bitcoin (BTC) experienced a significant rise, reaching $62,500 on 8th August.</p> 
<p>However, the cryptocurrency has since struggled to maintain this high value.</p> 
<h2 id="market-reactions">Market Reactions</h2> 
<p>On Thursday, relief gains helped crypto prices recover from recent lows.</p> 
<p>Despite this, speculators were unable to hold onto these gains, leading to a pullback to lower values.</p> 
<p>As of now, buying control seems to be increasing following significant selling pressure earlier in the week.</p> 
<p>However, opinions are divided on whether the heavy losses were a bear trap or a sign of further declines.</p> 
<h2 id="on-chain-analysis">On-Chain Analysis</h2> 
<p>On-chain indicators suggest a predominantly bullish market despite recent uncertainties.</p> 
<p>CryptoQuant founder Ki Young Ju noted that most Bitcoin on-chain cyclical indicators have shifted back to signaling a bull market.</p> 
<p>He highlighted that Bitcoin’s bull-bear market indicator has turned bullish again following a quick rebound.</p> 
<p>This indicator tracks sentiment among market participants and had turned red following Bitcoin’s steep decline to $49,751 on 5th August.</p> 
<h2 id="technical-analysis">Technical Analysis</h2> 
<p>BTC bulls are attempting to form psychological support at the $60,000 mark.</p> 
<p>However, if the BTC/USDT pair fails to overcome resistance just below the 100-day exponential moving average (EMA), it will attract selling pressure.</p> 
<p>On the daily chart, BTC/USD formed a death cross after its downward-sloping 50-day simple moving average (SMA) crossed below the 200-day SMA.</p> 
<p>This is often associated with increasing bearish sentiment and a potential sell-off.</p> 
<p>However, a death cross doesn’t always guarantee a sustained market downturn.</p> 
<p>In the most recent instance of a death cross formation, Bitcoin didn’t enter a prolonged downtrend, but instead registered modest gains.</p>

Understanding the Impact of Bitcoin’s Recent ‘Death Cross’ on Its Price and Traders

Table of Contents

CoinEagle.com

Other articles published on Aug 10, 2024

Telegram transforms: From messaging app to blockchain powerhouse

CleanSpark Increases Revenue Despite Challenges in Q3 FY2024

3 Top Cryptos That Can Turn Your Wallets Green: SUI, ZEC, HNT?

Ripple Tests RLUSD Stablecoin on Ethereum and XRP Ledger

Donald Trump Jr. Unveils Ambitious DeFi Platform to Challenge Banking Inequality

Bitcoin Soars 25% in Three Days

Join our free newsletter for daily crypto updates!