{"id":51402,"date":"2024-08-10T01:43:00","date_gmt":"2024-08-10T01:43:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-must-flip-62k-avoid-death-cross"},"modified":"2024-08-10T06:14:41","modified_gmt":"2024-08-10T06:14:41","slug":"bitcoin-price-must-flip-62k-to-avoid-worst-death-cross-consequences","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51402","title":{"rendered":"Bitcoin price must flip $62K to avoid worst \u2018death cross\u2019 consequences"},"content":{"rendered":"

Bitcoin\u00a0can beat its imminent \u201cdeath cross\u201d if it flips $62,000 to support, the latest analysis says.<\/p>\n

In a dedicated X thread on Aug. 9, popular trader Benjamin Cowen used history to suggest how bulls might avoid a fresh Bitcoin (BTC)\u00a0price dive.<\/p>\n

$62,000 becomes key BTC price resistance hurdle<\/h2>\n

Recent BTC price action has led BTC\/USD to the door of another moving average crossover classically known as a \u201cdeath cross.\u201d<\/p>\n

This involves the downward-sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent. Currently, the 50-day and 200-day SMAs stand at $61,998 and $61,882, respectively, per data from Cointelegraph Markets Pro and TradingView.<\/p>\n

\"\"
BTC\/USD 1-day chart with 50, 200SMA. Source: TradingView<\/em><\/figcaption><\/figure>\n

The death cross gets its name from the assumption that the crossover acts as a prewarning for the downside of the BTC price once it is complete.<\/p>\n

As Cowen shows, however, the results are often mixed. The last daily death cross in 2023, in fact, precluded a bout of gains.<\/p>\n

\u201cIn 2023, BTC started its rally just after the death cross. It then got above its 50D SMA and subsequently held it as support before going higher,\u201d he noted.<\/p>\n

By contrast, in 2019, 2021 and 2022, a brief tap higher into the death cross event itself ultimately gave way to the expected result \u2014 losses.<\/p>\n

\u201cThe durability of this move will likely depend on first BTC getting above its 50D SMA ($62k), and then holding it as support like it did in 2023,\u201d Cowen concluded.<\/p>\n

\"\"
BTC\/USD chart. Source: Benjamin Cowen<\/em><\/figcaption><\/figure>\n

He added that should that fail, the downside may return until macroeconomic conditions notably change. Specifically, the United States Federal Reserve should perform a \u201csufficient pivot\u201d on interest rates to boost crypto and risk assets.<\/p>\n

Bitcoin open interest sluggish on BTC price rebound<\/h2>\n

BTC\/USD continued its recovery on the day, reaching $62,775 into the prior daily close before returning to consolidate slightly lower at the time of writing.<\/p>\n

Related: Bitcoin reclaims $62K, forming a \u2018massive bull hammer\u2019 on price chart<\/em><\/strong><\/p>\n

\"\"
Source: Charles Edwards<\/em><\/figcaption><\/figure>\n

Market observers noted a lack of rebound in futures market open interest despite the higher prices, this coming days after a giant flush rarely seen in Bitcoin\u2019s history in terms of scale.<\/p>\n

\u201cThis Bitcoin bounce has been mostly shorts covering positions in the futures market,\u201d Julio Moreno, a contributor to onchain analytics platform CryptoQuant, wrote in part of an X response.<\/p>\n

\"\"
Bitcoin exchange open interest (BTC). Source: Julio Moreno<\/em><\/figcaption><\/figure>\n

Fellow contributor Axel Adler Jr meanwhile flagged the area above $62,000 as key resistance, with major support still at this week\u2019s six-month lows beneath $50,000.<\/p>\n

\"\"
BTC\/USD chart. Source: Axel Adler Jr<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u00a0can beat its imminent \u201cdeath cross\u201d if it flips $62,000 to support, the latest analysis says. In a dedicated X thread on Aug. 9, popular trader Benjamin Cowen used history to suggest how bulls might … Bitcoin price must flip $62K to avoid worst \u2018death cross\u2019 consequences<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,3812,5652,159],"class_list":["post-51402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-cryptonews","tag-emilynews","tag-hyipnews","exalt-entry"],"yoast_head":"\nBitcoin price must flip $62K to avoid worst \u2018death cross\u2019 consequences - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51402\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin price must flip $62K to avoid worst \u2018death cross\u2019 consequences - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u00a0can beat its imminent \u201cdeath cross\u201d if it flips $62,000 to support, the latest analysis says. 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