Bitcoin ‘death cross’ sees BTC price dip $1K erasing Uptober gains

Fellow trader Crypto Tony exposed that he was already brief BTC, having actually activated the change as Bitcoin dropped listed below $27,200.$ BTC/ $USD – Update Lost the assistance zone overnight, so as per the plan i will be shorting this down while below the $27,200 level pic.twitter.com/dorNjbXObD— Crypto Tony (@CryptoTony__) October 11, 2023

“Current BTC cost behavior even more fueled conservative views of how Bitcoin might develop in the months to come.Related: Bitcoin rate can hit $46K by 2024 halving– Interview with FilbfilbAmong those keeping considerably lower levels– including a return to $20,000– as a possibility was popular trader and analyst Rekt Capital.After eyeing a potential long-lasting breakdown from the July highs, Rekt Capital reiterated that the BTC/USD weekly chart so far lacked a macro higher late-2022 versus low. An accompanying chart offered a target for this at around $20,000 as part of the build-up to Bitcoins next block subsidy cutting in half occasion in April 2024. Ought to a macro low hit, Bitcoin would be copying behavior from last cycles pre-halving year, 2019, it showed.BTC/ USD annotated chart.

Source: TradingViewBTC price battles for assistance after everyday “death cross” Data from Cointelegraph Markets Pro and TradingView tracked increasing overnight BTC price weak point, consisting of a trip to $26,978 on Bitstamp.Bitcoin thus came complete circle for October, removing all of the gains seen after the September monthly close.Analyzing intraday efficiency, popular trader Skew kept in mind the interplay in between 2 moving averages (MAs), along with a so-called “death cross.” Bears have rate control here with loss of 4H EMA trend, if price recuperates above $27.3 K I will see that as strength,” he composed.”$ BTC 4HBears have price control here with loss of 4H EMA trend if rate recuperates above $27.3 K I will see that as strengthMore importantly any healing needs to be area driven from here imo, wont guideline out a squeeze.

Source: TradingViewBTC rate fights for assistance after everyday “death cross” Data from Cointelegraph Markets Pro and TradingView tracked increasing over night BTC price weak point, consisting of a trip to $26,978 on Bitstamp.Bitcoin therefore came complete circle for October, eliminating all of the gains seen after the September monthly close.Analyzing intraday performance, popular trader Skew kept in mind the interplay between 2 moving averages (MAs), along with a so-called “death cross.” Bears have cost control here with loss of 4H EMA trend, if cost recuperates above $27.3 K I will see that as strength,” he composed.”$ BTC 4HBears have price control here with loss of 4H EMA trend if cost recuperates above $27.3 K I will see that as strengthMore notably any recovery requires to be spot driven from here imo, wont rule out a squeeze.”Current BTC price habits even more fueled conservative views of how Bitcoin may establish in the months to come.Related: Bitcoin rate can hit $46K by 2024 halving– Interview with FilbfilbAmong those maintaining considerably lower levels– including a return to $20,000– as a possibility was popular trader and expert Rekt Capital.After considering a potential long-lasting breakdown from the July highs, Rekt Capital restated that the BTC/USD weekly chart so far lacked a macro greater late-2022 versus low.

Other Questions People Ask

What does the Bitcoin 'death cross' indicate about BTC price trends?

The Bitcoin 'death cross' occurs when a short-term moving average crosses below a long-term moving average, signaling potential bearish momentum. This technical pattern has contributed to the recent dip in BTC price, erasing gains made during Uptober. Traders are closely monitoring this development as it may suggest further price declines, particularly if Bitcoin fails to regain support above $27,200.

How has the recent BTC price dip affected trader sentiment?

The recent dip of $1K in Bitcoin's price has led to increased caution among traders, with many adjusting their strategies accordingly. Analysts like Rekt Capital are now considering lower price targets, including a potential return to $20,000. This shift in sentiment reflects concerns about Bitcoin's ability to maintain upward momentum in light of the 'death cross' and overall market conditions.

What are the implications of Bitcoin losing support below $27,200?

Losing support below $27,200 is a critical level for Bitcoin, as it indicates a potential shift in market dynamics. If BTC continues to trade below this threshold, traders may anticipate further declines and increased selling pressure. The 'death cross' pattern adds to this bearish outlook, making it essential for traders to reassess their positions and consider shorting opportunities.

Can Bitcoin recover from the recent 'death cross' and price dip?

While the 'death cross' suggests a bearish trend, recovery is still possible if Bitcoin can reclaim key support levels. Traders are watching for a bounce back above $27,300, which could signal strength and a potential reversal. However, any recovery will need to be driven by strong buying interest to counteract the current bearish sentiment.

What should traders look for after the Bitcoin price dip?

After the recent dip, traders should monitor key technical indicators and support levels closely. The interplay between moving averages will be crucial in determining whether Bitcoin can regain upward momentum. Additionally, observing market sentiment and trading volume can provide insights into potential recovery or further declines in BTC price.