Bitcoin has been moving in the mid and high range of $30,000. At the time of writing, the first cryptocurrency by market cap trades at $37,347 with 2.8% profits in the daily chart with moderate losses in higher timeframes.
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview
BTC’s price was rejected at $38,000. This level has become a key resistance and must be overcome if the recovery is to be successful. Anonymous analyst Rekt Capital believes that there could be further downside in the coming weeks, as BTC’s price action hints at the formation of a “Death Cross”.
This indicator appears when BTC’s price 50 Exponential Moving Average (EMA) cross below the 200 Exponential Moving Average (EMA). They are the opposite of the “Golden Cross”, this indicator points to appreciation and is a signal that the bulls will retake the offensive.
With a “Death Cross”, as the analyst said, usually there is a wide period of downside