{"id":519448,"date":"2023-02-13T10:40:46","date_gmt":"2023-02-13T10:40:46","guid":{"rendered":"https:\/\/wncen.com\/?p=519448"},"modified":"2024-06-11T10:37:29","modified_gmt":"2024-06-11T10:37:29","slug":"bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected\/","title":{"rendered":"Bitcoin Death Cross Forms In The Weekly Chart, More Losses Expected?"},"content":{"rendered":"

There is a “Death Cross” in the Bitcoin weekly chart, and this is not a \u201cgood sign,\u201d according to one technical analyst.<\/span><\/p>\n

The \u201cDeath Cross\u201d On The Bitcoin Weekly Chart<\/span><\/h2>\n

The \u201cDeath Cross\u201d forms on charts when the 50-period moving average (MA) falls below the 200-period moving average (MA) and could signal that the upcoming trend is bearish.<\/span><\/p>\n

While useful for technical analysts, the \u201cDeath Cross\u201d is a lagging indicator because the moving average (MA) indicator behind this formation averages out prices over a given period. Unlike other indicators like trading volumes, these averages are not based on real-time price action. Nonetheless, the \u201cDeath Cross\u201d has been used by chartists for years.<\/span><\/p>\n

Related Reading: Bitcoin Price Holds Key Support But 100 SMA Is The Key To Recovery<\/a><\/div>\n

Overall, chartists, or technical analysts, rely on technical indicators like moving averages, Bollinger bands, and others to make short or long-term predictions. They can use them in combination with other indicators to predict where prices could be headed next. For a \u201cDeath Cross\u201d to form, a chartist relies on two moving averages covering price action over different periods.<\/span><\/p>\n

https:\/\/twitter.com\/Trader_Jibon\/status\/30824449<\/p>\n

On February 13, a technical analyst noted that a Death Cross had formed on the weekly chart of the BTCUSDT price action. Typically, technical analysts use the weekly chart to determine the medium to long-term trend. How prices perform in this time frame influences the direction of their trade in the short term.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin NFT Ordinals Boosts Taproot Adoption By 1,000% In Q1 2023<\/a><\/div>\n

With the \u201cDeath Cross\u201d forming, it may mean that Bitcoin prices may drop, posting more losses in the weeks ahead. For this reason, the technical analyst says its formation is not a good sign and may portend more turbulent weeks ahead for Bitcoin and, by extension, the crypto markets.<\/span><\/p>\n

BTC Prices Under Pressure<\/span><\/h2>\n

On February 9, Bitcoin prices fell below the $22,500 support of the \u201cbull flag.\u201d The bull flag formed when Bitcoin prices consolidated after peaking at around $24,000 in early February. After days of sideways movement, BTC prices collapsed mid-last week. BTC prices are presently inside the trading range defined on February 9.<\/span><\/p>\n

\"Bitcoin
Bitcoin Price On February 13| Source: BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n

BTC remains under pressure and could post lower on deteriorating fundamental factors. The United States Securities and Exchange Commission (SEC) has been cracking down on crypto projects.\u00a0<\/span><\/p>\n

The drop in Bitcoin prices on February 9 coincided<\/a> with Gary Gensler\u2019s comments. Gary, the chairperson of the SEC, said crypto staking providers in the country are engaged in illegal activities by issuing unregulated products. They fined Kraken crypto exchange $30 million for this.\u00a0<\/span><\/p>\n

Following a Wells Notice reception from the SEC, Paxos, the issuer of BUSD, said it would stop mining USD-backed stablecoins.\u00a0<\/span><\/p>\n

Stablecoins are critical for crypto traders. They allow users to quickly trade crypto assets, including BTC, influencing liquidity and, thus, volatility. Although there could be no direct link between Paxos halting BUSD minting and BTC\u2019s price action, the coin is\u00a0<\/span>trading<\/span><\/a>\u00a0lower when writing, dropping 6% in the last week.<\/span><\/p>\n

Featured image from Canva, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

There is a “Death Cross” in the Bitcoin weekly chart, and this is not a \u201cgood sign,\u201d according to one technical analyst. The \u201cDeath Cross\u201d On The Bitcoin Weekly Chart The \u201cDeath Cross\u201d forms on charts when the 50-period moving average (MA) falls below the 200-period moving average (MA) and could signal that the upcoming trend is bearish. While useful for technical analysts, the \u201cDeath Cross\u201d is a lagging indicator because the moving average (MA) indicator behind this formation averages out prices over a given period. Unlike other indicators like trading volumes, these averages are not based on real-time price action. Nonetheless, the \u201cDeath Cross\u201d has been used by chartists for years. Related Reading: Bitcoin Price Holds Key Support But 100 SMA Is The Key To Recovery Overall, chartists, or technical analysts, rely on technical indicators like moving averages, Bollinger bands, and others to make short or long-term predictions. They can use them in combination with other indicators to predict where prices could be headed next. For a \u201cDeath Cross\u201d to form, a chartist relies on two moving averages covering price action over different periods. https:\/\/twitter.com\/Trader_Jibon\/status\/30824449 On February 13, a technical analyst noted that a Death Cross had formed on the weekly chart of the BTCUSDT price action. Typically, technical analysts use the weekly chart to determine the medium to long-term trend. How prices perform in this time frame influences the direction of their trade in the short term.\u00a0 Related Reading: Bitcoin NFT Ordinals Boosts Taproot Adoption By 1,000% In Q1 2023 With the \u201cDeath Cross\u201d forming, it may mean that Bitcoin prices may drop, posting more losses in the weeks ahead. For this reason, the technical analyst says its formation is not a good sign and may portend more turbulent weeks ahead for Bitcoin and, by extension, the crypto markets. BTC Prices Under Pressure On February 9, Bitcoin prices fell below the $22,500 support of the \u201cbull flag.\u201d The bull flag formed when Bitcoin prices consolidated after peaking at around $24,000 in early February. After days of sideways movement, BTC prices collapsed mid-last week. BTC prices are presently inside the trading range defined on February 9. BTC remains under pressure and could post lower on deteriorating fundamental factors. The United States Securities and Exchange Commission (SEC) has been cracking down on crypto projects.\u00a0 The drop in Bitcoin prices on February 9 coincided with Gary Gensler\u2019s comments. Gary, the chairperson of the SEC, said crypto staking providers in the country are engaged in illegal activities by issuing unregulated products. They fined Kraken crypto exchange $30 million for this.\u00a0 Following a Wells Notice reception from the SEC, Paxos, the issuer of BUSD, said it would stop mining USD-backed stablecoins.\u00a0 Stablecoins are critical for crypto traders. They allow users to quickly trade crypto assets, including BTC, influencing liquidity and, thus, volatility. Although there could be no direct link between Paxos halting BUSD minting and BTC\u2019s price action, the coin is\u00a0trading\u00a0lower when writing, dropping 6% in the last week. Featured image from Canva, chart from TradingView.com<\/p>\n","protected":false},"author":384,"featured_media":519449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,13574,16539,3799],"class_list":["post-519448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-death-cross","tag-gary-gensler","tag-sec"],"acf":[],"yoast_head":"\nBitcoin Death Cross Forms In The Weekly Chart, More Losses Expected?<\/title>\n<meta name=\"description\" content=\"There is a death cross in the Bitcoin weekly chart, and this is not a \u201cgood sign,\u201d according to one technical analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Death Cross Forms In The Weekly Chart, More Losses Expected?","url":"http:\/\/wncen.com\/news\/bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","death cross","gary gensler","sec"],"dateCreated":"2023-02-13T10:40:46Z","datePublished":"2023-02-13T10:40:46Z","dateModified":"2024-06-11T10:37:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Death Cross Forms In The Weekly Chart, More Losses Expected?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-death-cross-forms-in-the-weekly-chart-more-losses-expected\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-Price.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"death cross\",\"gary gensler\",\"sec\"],\"dateCreated\":\"2023-02-13T10:40:46Z\",\"datePublished\":\"2023-02-13T10:40:46Z\",\"dateModified\":\"2024-06-11T10:37:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/519448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=519448"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/519448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/519449"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=519448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=519448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=519448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}