In the last seven days, the price of Bitcoin has lost more than 5%.
The Bitcoin price has had to accept a steeper decline again in recent days. After strong gains in the first 4-5 weeks of the year, the cryptocurrency has now taken a slight setback. Even darker clouds could be gathering on the horizon, however.
The Bitcoin rate has seen a significant decline in recent days. After the strong gains in January, the price stabilized again in early February. After this stabilization period, the price tried to break the upside resistance again, but failed at $24,000.
In the last seven days, the Bitcoin price has lost more than 5%. It dropped from $23,000 to $21,600. Since its early February peak of $24,100, there have been dramatic declines.
What Does Bitcoin’s “Cross of Death” Mean?
The Bitcoin “Death Cross” is a price analysis event in which a slow moving average crosses the faster moving average from below. A Bitcoin death cross is a strong bearish signal and has historically predicted a price crash or even a Bitcoin crash.
This death cross usually occurs when the price of Bitcoin falls more rapidly after a longer uptrend. This situation can be seen right now because the Bitcoin price experienced a sharp decline in mid-February after significant increases in January. Therefore, a Bitcoin crash could occur in the next few days.
Is the Bitcoin Crash Coming in the Next Days?
There has been a sharp bitcoin crash or even a crash for a few weeks now. In general, the increase in January was very high for the current market situation. However, there are many questions in the background. The giant crypto company DCG (Digital Currency Group) has been criticized for the insolvency of its Genesis subsidiary.
The “Cross of Death” and the situation around the DCG make a Bitcoin crash in the coming days and weeks more likely. A drop to $15,000 would not be unlikely in this case. This accident would also be a very good opportunity to buy more, because in the medium term, the price should already rise again in 2023.
Bubble Alert
Bitcoin as of February 13, 2023 falls -0.91% to 21,951.00 USD/BTC
At 15:23 (UTC+1), the price of Bitcoin is down -0.91% intraday today, trading at $21,951.00.
Bitcoin evolution in 1 week = -5.88%.
Evolution of Bitcoin in 1 year = -48.87%.
Bitcoin evolution in 2023 = +30.64%.
Bitcoin evolution in January 2023 = +38.39%.
Bitcoin evolution in 2022 = -64.15%.
Bitcoin evolution in 2021 = +59.71%.
Former CEO of Bitcoin and BitMex cryptocurrency exchange Arthur Hayes warned on the Entrepreneurs Handbook blog that a “disastrous global financial collapse” could be about to crush the price of Bitcoin and the crypto market.
By Audy Castaneda
