Bitcoin Bear Market Looms as Technical Signals Hint at Decline
AI Summary1 min read
TL;DR
Bitcoin faces a potential bear market as technical signals like the death cross and declining moving averages indicate selling pressure. The cryptocurrency has dropped nearly 14% in a week, with key on-chain metrics turning bearish.
Tags
BitcoinBear MarketTechnical AnalysisMoving AveragesOn-chain Metrics
Bitcoin's outlook deteriorates amid selling pressure, with a death cross and weekly candlestick close below the 50-week moving average, signaling a potential start to a bear market. The 50-day moving average crossing below the 200-day moving average indicates short-term momentum falling faster than the long-term trend. Bitcoin is down nearly 14% over the past week and is trading around $91,600. The Bull Score index has also turned bearish, with eight out of 10 key on-chain metrics lit up red.
