After several months of stability near $67,000, Bitcoin (BTC) found itself in turmoil in the crypto markets in recent months. First, in June, it fell below $56,000 on fears that a major German government sale of seized cryptocurrency and Mt. Gox repayments would cause a crash.
Then, after some recovery through July, Bitcoin again crashed – this time below $50,000 – in early August as part of a wide bloodbath that also temporarily collapsed the stock markets on fears of instability in Asia and a looming recession in the U.S.
Finally, by the early morning of August 7, technical analysis (TA) revealed that the world’s premier coin is set to form one of the big bearish signals on its daily chart – the death cross – and Finbold examined what that could mean for BTC and if there is a chance of avoiding it.
Bitcoin set to form a death cross
The death cross chart pattern is indicative of recent price weakness and forms when a short-term moving average (MA) moves below a
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