Bitcoin Is Moving Towards Breaking The Critical Threshold Downwards
Bitcoin, which has lost value since the beginning of May, is moving towards the death cross.
Bitcoin is moving towards breaking the critical threshold downwards. Bitcoin’s 50-day moving average, which has been on a downward trend since the beginning of May, is moving towards breaking its 200-day moving average downwards.
Since the beginning of the week, BTC has lost more than 6 percent in value and is withdrawn to the level of 33 thousand dollars, while Ethereum decreased by more than 8 percent and traded around 2 thousand 400 dollars.
Since Bitcoin’s 50-day average broke down from its 100-day average, the cryptocurrency’s 200-day average has become a new resistance.
As the 50-day average of the most valuable cryptocurrency in terms of market capitalization moves towards cutting its 200-day average downwards, this indicates that a long-term bearish crossroads will form.
In the USA, the government’s announcement that it had recovered all the ransoms requested in the cyber-attack on the Colonial Pipeline caused pressure on the markets, fueling concerns that the government’s control over cryptocurrencies was not limited.
BTC May Fall To $20,000
Expressing that $30,000 is a critical level, Oanda Corp Senior Market Analyst Edward Moya noted that if this level is broken, sales will accelerate. Michael Purves br Evercore Technical Strategist Rich Ross from Tallbacken Capital Advisors also said that in case of a downward cut, the new target could be $20,000.
BTC has lagged behind traditional assets in yields since the start of the year, with drops that occurred in May. Falling behind the Bloomberg Commodity Index, Bitcoin is also falling below the MSCI global stock market index.