Bitcoin Approaches Historical Pattern with 'Death Cross'

Bitcoin's Decline and Technical Analysis

Bitcoin has experienced a decline of approximately 25% since its all-time high in October. During this process, the 50-day moving average is about to cross below the 200-day moving average. This situation indicates a negative technical signal known as a 'death cross.'

Following the government's reopening, the selling pressure on Bitcoin has increased. This situation reminds us of the market reaction in 2019. With the government resuming its operations this week, the price has dropped by up to 10%.