February 14, 2023 6:33 AM | 1 min read
Crypto analyst Carl Runefelt, also known as ‘The Moon,’ said the Bitcoin (CRYPTO: BTC) death cross on the weekly time has now been confirmed.
What Happened: In a YouTube video, the analyst said, “Bitcoin is right now getting a death cross, which is the opposite of a golden cross, where we have the 50-week moving average crossing the 200-week moving average — this would indicate the bear market.”
JUST IN: #Bitcoin death cross on the weekly timeframe is now confirmed. pic.twitter.com/Q2r0Yh8sR7
— Carl From The Moon (@TheMoonCarl) February 14, 2023
“I’m not saying it’s a bad thing necessarily though. Death crosses and golden crosses are lagging indicators, and I had no success trading them historically,” he added.
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According to The Moon, this is the first death cross in Bitcoin’s history. “In the previous bear market, we never saw the 50-week moving average even come close to the 200. And right now, we are seeing the 50 come down below the 200. This will be the first time in Bitcoin history.”
Price Action: BTC was trading at $21,735 down 0.26% in the last 24 hours, according to Benzinga Pro.,
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