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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin price death cross crypto

Bitcoin Price Just Death Crossed, But Last Time Led To Historic China Pump

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3 mins read
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Bitcoin price just formed a death cross of the 50-day and 200-day moving average, a sign that typically signals to investors that the asset in question is in an unhealthy state and could see further downside.

However, Bitcoin is anything but typical, and the last time this event occurred, the leading cryptocurrency by market cap broke records for the third-largest single-day pump on record. What’s happens this time around?

Bitcoin Price Forms Death Cross, Is Another Record-Breaking Pump Incoming?

The latest price action has caused Bitcoin price to drop so deep in value, that the first-ever cryptocurrency has formed yet another death cross – the third of the asset’s current bear market.

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A death cross occurs when a short-term moving average, in this case, the 50-day moving average, crosses a long-term moving average like the 200-day moving average.

Related Reading | Seasonality in Bitcoin: Will Spring Bring a Return of Growth to Cryptocurrency? 

This signals to investors that an asset’s bullish trend has begun to wane and could see an extended downtrend in the future. It’s also a sign that the asset’s long-term health is in jeopardy, triggering investors to sell.

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But in Bitcoin and cryptocurrencies, markets and investors don’t always behave as they normally do, and the last time the death cross formed was in the days leading up to the historic “China pump” rally that took Bitcoin price from $7,200 to $10,500 in less than 48 hours.

The rally broke records for setting the third-largest single-day gain in the asset’s short, decade long history. Not bad for an event that is supposed to signal death for an asset.

Prior to the historic “Xi pump,” Bitcoin price formed another death cross in late March 2018, then rose on Easter Sunday from “death,” and went on a powerful rally.

None of these powerful rallies have sustained, giving the death cross credence as an ominous signal that investors clearly pay close attention to.

bitcoin price chart death cross

Golden Criss-Cross Make You Wanna… Pump, Pump

It’s important to note that these moving averages are closely tightening and converging more often than normal.

In late May 2019, Bitcoin formed a golden cross. After the “China pump” death cross, Bitcoin price formed yet another golden cross as the asset was breaking down from $10,000 in late February, just ahead of the panic-selloff that crippled markets two weeks ago.

We dump on golden cross and pump on death cross ?

— what's in the name (@Ridewithmebit) March 25, 2020

Now, another death cross has formed, but with the moving averages so tight, even only a small rally would already put another golden cross on the table.

Related Reading | Stocks Limit Up, Gold Revisits High, is Bitcoin About To Pump? 

And when moving averages converge like this, it could be a signal that a long-term trend change is underway, and that these moving average may begin to turn into support that carries Bitcoin to its next all-time high

Featured image from Shutterstock
Tags: bitcoinbitcoin pricebtcusdchina pumpdeath crossgolden crossmoving averages
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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