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

Fellow trader Crypto Tony revealed that he was currently short BTC, activating the change as Bitcoin dropped below $27,200.$ BTC/ $USD – Update Lost the assistance zone overnight, so according to the strategy i will be shorting this down while below the $27,200 level pic.twitter.com/dorNjbXObD— Crypto Tony (@CryptoTony__) October 11, 2023

Source: TradingViewBTC price battles for support after daily “death cross” Data from Cointelegraph Markets Pro and TradingView tracked increasing overnight BTC rate weak point, consisting of a journey to $26,978 on Bitstamp.Bitcoin therefore came complete circle for October, erasing all of the gains seen after the September month-to-month close.Analyzing intraday performance, popular trader Skew noted 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 pattern, if price recuperates above $27.3 K I will see that as strength,” he wrote.”$ BTC 4HBears have rate 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 area driven from here imo, wont guideline out a capture.

“Would have expected a more immediate buyback– this recommends the market desires to traverse lower,” part of his latest commentary added.Will Bitcoin print pre-halving “macro low? An accompanying chart provided a target of around $20,000 as part of the build-up to Bitcoins next block aid halving event in April 2024. Must a macro low hit, Bitcoin would be copying habits from last cycles pre-halving year, 2019, it showed.BTC/ USD annotated chart.

Source: TradingViewBTC price battles for support after everyday “death cross” Data from Cointelegraph Markets Pro and TradingView tracked increasing over night BTC rate weak point, consisting of a journey 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 efficiency, popular trader Skew noted the interaction between 2 moving averages (MAs), along with a so-called “death cross.” In March, he noted the 100-day MA crossed above the 200-day equivalent– a “golden cross” occasion that traditionally marks upside to come.” Bears have cost control here with loss of 4H EMA trend, if rate recovers above $27.3 K I will see that as strength,” he composed.”$ BTC 4HBears have cost control here with loss of 4H EMA trend if rate recuperates above $27.3 K I will see that as strengthMore significantly any healing requires to be spot driven from here imo, wont rule out a capture.

Other Questions People Ask

What does the Bitcoin ‘death cross’ indicate about the recent dip in BTC price?

The Bitcoin ‘death cross’ occurs when the 50-day moving average crosses below the 200-day moving average, signaling potential bearish momentum. This technical pattern was observed as BTC price dipped below $27,200, leading to a $1,000 loss and erasing the gains made during ‘Uptober’. Traders are now closely monitoring the price action to determine if further declines are imminent.

How has the Bitcoin price reacted after the ‘death cross’ event?

Following the ‘death cross’, Bitcoin's price experienced significant weakness, dropping to around $26,978 on Bitstamp. This decline has led to a complete reversal of October's earlier gains, raising concerns among traders about the sustainability of any recovery. Analysts suggest that for Bitcoin to regain strength, it must recover above the $27,300 level, indicating a potential shift in market sentiment.

What should traders look for after the Bitcoin ‘death cross’ and price dip?

Traders should monitor key resistance levels, particularly around $27,300, as a recovery above this point could signal renewed bullish momentum. Additionally, they should pay attention to market volume and whether buying pressure increases, which could indicate a reversal. The current bearish trend suggests that caution is warranted, and traders may consider short positions until a clear upward trend is established.

Is there a possibility of Bitcoin reaching a macro low before the next halving?

Yes, some analysts predict that Bitcoin could reach a macro low around $20,000 as it approaches the next halving event in April 2024. Historical patterns suggest that Bitcoin often experiences significant price fluctuations in the year leading up to a halving. Traders should remain vigilant and prepare for potential volatility as market dynamics evolve in response to these patterns.

What strategies can traders employ during this Bitcoin price dip?

During this Bitcoin price dip, traders may consider employing short-selling strategies, especially if they believe further declines are likely. Additionally, setting stop-loss orders can help manage risk in a volatile market. It's also advisable to keep an eye on technical indicators and moving averages to identify potential entry points for long positions once a recovery is confirmed.