2024

Bitcoin

when

Daily

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/bitcoin-btc-forms-death-cross-amid-market-drop" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has just formed its first death cross of 2024, a technical pattern that typically indicates bearish momentum. A death cross happens when a short-term moving average, usually the 50-day moving average, crosses below a long-term moving average, such as the 200-day moving average.
In the case of Bitcoin, the 50-day simple moving average (SMA) has crossed below the 200-day SMA, indicating a death cross on its daily charts.
The last time Bitcoin experienced a <a href="https://u.today/bitcoins-incoming-death-cross-this-is-what-historical-data-suggests" rel="noopener noreferrer nofollow">death cross</a> was in September 2023. However, the bearish sentiment was short-lived, as Bitcoin quickly formed a golden cross in October 2023 — just a month later. A golden cross occurs when the 50-day moving average crosses above the 200-day moving average, indicating a potential upward trend. <img alt="TradingView" data-entity-type="file" data-entity-uuid="1d092e18-82b7-46bc-9c38-4a30e39b6dd1" src="https://u.today/sites/default/files/inline-images/11082024%200000.png"><a href="https://www.tradingview.com/x/SNqcOdwU/" rel="noopener noreferrer nofollow">BTC/USD Daily Chart, Courtesy: TradingView</a>
This bullish reversal overruled the previous death cross and led to a major price rally, with Bitcoin marking all-time highs near $74,000 in mid-March.
As Bitcoin navigates through its first death cross of 2024, the market is closely watching the BTC price for signs of a potential reversal. Will history repeat itself with the Bitcoin price forming a bottom and hence another golden cross, or will the bearish trend continue?
<h2 id="bitcoin-rebounds-past-61-000">Bitcoin rebounds past $61,000</h2>
At the time of writing, BTC was up 0.82% in the last 24 hours to $61,313 after reaching intraday highs of $61,408. Bitcoin was continuing its rebound that began in Thursday's trading session.
<a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005" rel="noopener noreferrer nofollow">Bitcoin</a> rose behind a rally in global equities on Thursday, momentarily reaching $62,755. The move marked a turnaround after the market experienced its worst loss since the days of FTX's collapse in 2022 in the past week.
On Thursday, Bitcoin experienced its highest one-day rise in more than 16 months. Bitcoin is still somewhat higher, up 1.58% weekly. Traders believe the recent volatility in digital assets is the result of macroeconomic issues as well as forced selling by crypto speculators.
On the upside, Bitcoin's current bounce may require a clear break above the daily moving averages of 50 and 200, which are $61,875 and $62,094, respectively. In this scenario, Bitcoin may reach $70,000.
If this fails to happen, Bitcoin may fall into a consolidation range below the daily moving averages with support near $50,000.

Bitcoin (BTC) Forms First 2024 Death Cross: Details

Table of Contents

U_Today

Other articles published on Aug 11, 2024

ETF Bitcoin: $105 Million Evaporated, are Investors in Despair?

BitGo MPI License: BitGo Gains Full Regulatory Approval with Singapore MPI License

Vitalik Buterin Shakes Up Crypto Philanthropy with $8M Ether Transfer

Solana Remains on the Security Status Hook Despite SEC's Court Move

Major Investments in Decentralized Networks and Exchanges Highlighted in Recent Funding Announcem...

Pics of Mollars.CC, a new Decentralized Crypto Exchange Shared, ERC-20 Token Rises +15% in 5 Days

Join our free newsletter for daily crypto updates!