A bearish “death cross” signal, in which the short-term moving average crosses below the long-term moving average, has flashed on Bitcoin’s hourly chart, sparking speculation on BTC’s short-term price trajectory.
The hourly moving average 50 has fallen below the hourly moving average 200 on the Bitcoin hourly chart, indicating a “death cross.” Bitcoin reacted to the hourly “death cross” formation by initially bucking the trend, but as of recently, it marked two hourly red candles.
At the time of writing, BTC was up 0.94% in the last 24 hours to $103,850, as the broader crypto market recovered slightly following yesterday’s drop.
Bitcoin price continues to consolidate within a relatively tight range between $100,703 and $105,787. The sideways movement shows that the market is still uncertain, with bulls and bears in a deadlock.
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While death crosses typically hint at potential downside, especially on higher time frames, the hourly version often signals short-term weakness rather than a significant trend shift. Traders will now look for a confirmed break above or below the current range to determine BTC’s next move.
What’s next for BTC price?
Bitcoin has been oscillating in a range for the last few days (since May 9), suggesting a balance between supply and demand. The BTC price has remained above the psychologically important $100,000 barrier, indicating that the bulls are holding onto their positions as they anticipate another move higher.
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A break above $105,787 may reignite bullish momentum. If this happens, Bitcoin may target $120,000, as some analysts forecast.
However, continuous inability to push the price over the all-time high of $109,114 may entice short-term purchasers to book profits. That puts the $100,000 support at risk of failing. A dip below the present support area of $100,703 may pave the way for a deeper correction.
