{"id":634620,"date":"2024-08-11T04:00:44","date_gmt":"2024-08-11T04:00:44","guid":{"rendered":"https:\/\/www.wncen.com\/?p=634620"},"modified":"2024-08-12T06:46:16","modified_gmt":"2024-08-12T06:46:16","slug":"bitcoin-death-cross-threatens-to-trigger-crash-if-price-does-not-hold-62000","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-death-cross-threatens-to-trigger-crash-if-price-does-not-hold-62000\/","title":{"rendered":"Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000"},"content":{"rendered":"

Crypto analyst Benjamin Cowen<\/span><\/a> recently discussed the impact of the death cross indicator, which has appeared again on Bitcoin\u2019s chart. Thanks to this indicator, <\/span>the $62,000 price level<\/span><\/a> has become crucial to Bitcoin avoiding another price crash.<\/span><\/p>\n

Cowen noted in a <\/span>video<\/span><\/a> posted on his YouTube channel that Bitcoin is at risk of dropping lower if it fails to hold above $62,000 heading into the Death Cross. Bitcoin had rallied to as high as $62,000 after recovering from its price crash below $50,000 on August 5. The <\/span>rise to $62,000<\/span><\/a> brought about the <\/span>Death Cross<\/span><\/a>, which now threatens lower prices for the flagship crypto.<\/span><\/p>\n

The Death Cross And Its Impact On Bitcoin\u2019s Price<\/b><\/h2>\n
The death cross indicator is usually considered bearish and suggests that a prolonged period of declining prices may be on the horizon for the asset in question. This death cross occurs when the 50-day moving average drops below its <\/span>200-day moving average<\/span><\/a>. As Cowen revealed, Bitcoin\u2019s 50-day moving average is currently at around $62,000.\u00a0<\/span><\/div>\n
<\/div>\n
Related Reading: Is Bitcoin Headed For A Rally Or Ruin? This Key Price Point Could Decide<\/a><\/div>\n

As such, Bitcoin must reclaim and hold above the $62,000 price level soon enough, or it risks further price declines, with a drop below the <\/span>psychological level of $60,000<\/span><\/a> already in sight. The crypto analyst specifically drew comparisons to the Death Cross, which occurred in 2019, to provide insights into what Bitcoin\u2019s next move might be.\u00a0<\/span><\/p>\n

He noted that the Death Cross in 2019 marked a local top for the flagship crypto, as it went on to record lower highs after then, and its price was bearish for about four months afterward. However, Cowen admitted that things could play out differently this time, noting that indicators like these tend to play out in a \u201cslightly different way\u201d throughout different cycle phases.\u00a0<\/span><\/p>\n

The timing of this Death Cross could also provide insight into what might happen next for Bitcoin. Cowen noted that September is, on average, the <\/span>worst month for Bitcoin<\/a><\/span>, suggesting that the flagship crypto could suffer a downtrend that could extend into September.<\/span><\/p>\n

It Boils Down To The Macro Side<\/b><\/h2>\n

Cowen revealed that whatever happens next for Bitcoin will mainly depend on external factors rather than the prevailing conditions in the crypto market. This includes macroeconomic factors like <\/span>inflation<\/span><\/a> and the <\/span>labor market<\/span><\/a>. Indeed, the macro side is believed to be responsible for the crypto crash on August 5 as fears about a recession heightened.<\/span><\/p>\n

Related Reading: Bitcoin Makes Sharp Recovery, But Watch Out For Resistance At $64,000<\/a><\/div>\n

The <\/span>US Federal Reserve<\/span><\/a> has so far held off on <\/span>cutting interest rates<\/span><\/a> in a bid to bring inflation down to its desired 2%. However, their hesitation has led to projections that the US economy could soon enter a recession.\u00a0<\/span><\/p>\n

The <\/span>July US job reports<\/span><\/a> also showed that market participants have cause to be worried as the unemployment rate was higher than expected. The macro side significantly impacts Bitcoin and the crypto market because it largely determines how much money investors are willing to invest in these risk assets.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $60,625 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Benjamin Cowen recently discussed the impact of the death cross indicator, which has appeared again on Bitcoin\u2019s chart. Thanks to this indicator, the $62,000 price level has become crucial to Bitcoin avoiding another price crash. Cowen noted in a video posted on his YouTube channel that Bitcoin is at risk of dropping lower if it fails to hold above $62,000 heading into the Death Cross. Bitcoin had rallied to as high as $62,000 after recovering from its price crash below $50,000 on August 5. The rise to $62,000 brought about the Death Cross, which now threatens lower prices for the flagship crypto. The Death Cross And Its Impact On Bitcoin\u2019s Price The death cross indicator is usually considered bearish and suggests that a prolonged period of declining prices may be on the horizon for the asset in question. This death cross occurs when the 50-day moving average drops below its 200-day moving average. As Cowen revealed, Bitcoin\u2019s 50-day moving average is currently at around $62,000.\u00a0 Related Reading: Is Bitcoin Headed For A Rally Or Ruin? This Key Price Point Could Decide As such, Bitcoin must reclaim and hold above the $62,000 price level soon enough, or it risks further price declines, with a drop below the psychological level of $60,000 already in sight. The crypto analyst specifically drew comparisons to the Death Cross, which occurred in 2019, to provide insights into what Bitcoin\u2019s next move might be.\u00a0 He noted that the Death Cross in 2019 marked a local top for the flagship crypto, as it went on to record lower highs after then, and its price was bearish for about four months afterward. However, Cowen admitted that things could play out differently this time, noting that indicators like these tend to play out in a \u201cslightly different way\u201d throughout different cycle phases.\u00a0 The timing of this Death Cross could also provide insight into what might happen next for Bitcoin. Cowen noted that September is, on average, the worst month for Bitcoin, suggesting that the flagship crypto could suffer a downtrend that could extend into September. It Boils Down To The Macro Side Cowen revealed that whatever happens next for Bitcoin will mainly depend on external factors rather than the prevailing conditions in the crypto market. This includes macroeconomic factors like inflation and the labor market. Indeed, the macro side is believed to be responsible for the crypto crash on August 5 as fears about a recession heightened. Related Reading: Bitcoin Makes Sharp Recovery, But Watch Out For Resistance At $64,000 The US Federal Reserve has so far held off on cutting interest rates in a bid to bring inflation down to its desired 2%. However, their hesitation has led to projections that the US economy could soon enter a recession.\u00a0 The July US job reports also showed that market participants have cause to be worried as the unemployment rate was higher than expected. The macro side significantly impacts Bitcoin and the crypto market because it largely determines how much money investors are willing to invest in these risk assets. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":634621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[24133,89298,428,1119,1144,78790,13574,7918,2472,9648,12413],"class_list":["post-634620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-200-day-moving-average","tag-benjamin-cowen","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-death-cross","tag-federal-reserve","tag-interest-rates","tag-labor-market","tag-youtube"],"acf":[],"yoast_head":"\nBitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000<\/title>\n<meta name=\"description\" content=\"Crypto analyst Benjamin Cowen recently discussed the impact of the death cross indicator, which has appeared again on the 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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