Bitcoin Weekly Death Cross Keeps the Bear Market Alive
Cointelegraph
Despite a recent rally, Bitcoin faces technical resistance and a looming weekly 'death cross' suggesting further downside risk.Summary
Analysis suggests that Bitcoin's recent rally, which pushed prices to monthly highs near $73,019, is primarily a short squeeze and does not negate the risk of a continuing bear market. Technical analyst Keith Alan noted that while BTC is attempting to validate key support levels, significant overhead resistance exists around $75,000 to $78,300, including the 50-Day Moving Average. More critically, a 'death cross' is set to form next week between the 21-week and 100-week Simple Moving Averages (SMAs). Alan warned that this technical event will likely precede the next leg down for BTC unless a major bullish catalyst emerges, reinforcing long-term expectations that the bear market could see a bottom at or below $50,000.
(Source：Cointelegraph)