The Bitcoin rate averted impending sales and defended the $ 6,000 mark. Is it still increasing now?
The Bitcoin price (BTC) can hold its own above the $ 6,000. With a 24-hour increase of just under 3.3 percent, the largest cryptocurrency is currently trading at $ 6,409. In a weekly comparison, the Bitcoin price had to drop 0.7 percent. Nevertheless, the cryptocurrency has so far been able to ward off larger sales despite the death cross.
The death cross and the Bitcoin rate
On March 27, the Bitcoin rate threatened to cross the death cross. In this event, the moving average of the past 50 days (EMA 50) crosses the moving average of the last 200 days (EMA 200). This indicator from technical analysis is commonly interpreted as a bearish signal.If such a death cross is formed, it is assumed that there will be extensive sales. On the contrary, the “golden cross” leads to price increases. However, such indicators are not 100 percent reliable. After all, these are only indicators from the past, on the basis of which analysts want to make statements about the future. Exceptions sometimes confirm the rule here.