Signs of weakness are emerging on Bitcoin charts, potentially indicating a decline in the price of the leading cryptocurrency.
Formation of ‘Death Cross’
Bitcoin may face the formation of a ‘death cross’ between the 23-day and 50-day moving averages. This may lead to a decline towards the 200-day moving average, which currently stands at $95,868.
Current Price and Support
Currently, Bitcoin’s price is just above the psychological threshold of $100,000. However, increasing pressure is evident. The 23-day moving average is beginning to dip and may cross below the 50-day, historically indicating bearish sentiment.
Sentiment and Outlook
At the moment, Bitcoin's price is approximately $104,000, down about -8% from recent levels. If the ‘death cross’ occurs, Bitcoin may test the area between $95,700 and $96,000, aligning with the 200-day moving average, a long-term support level.
Market sentiment continues to be influenced by macroeconomic uncertainty and ETF flows. If the price falls below $99,000, it could accelerate the decline towards the 200-day average.
