Crypto analyst Benjamin Cowen The death cross indicator has been re-appearing on the Bitcoin chart. The indicator has been incredibly helpful. the $62,000 price level Bitcoin’s price stability is at stake.
Cowen noted that in the aforementioned citation, Cowen stated: video Bitcoin may drop lower, according to a YouTube video posted by a user. If it doesn’t hold over $62,000 before the Death Cross. Bitcoin’s price had recovered from its August 5 crash to below $50,000 and reached as high as 62,000. After a price crash that saw Bitcoin fall below $50,000, its value has risen up to $62,000. rise to $62,000 The word “brought about” is a term that has been used to describe the occurrence of the Death CrossThe flagship cryptocurrency is now at risk of lower prices.
Death Cross: Its Effect on Bitcoin Price
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Bitcoin will have to regain and maintain the price above $62,000 soon, otherwise it could see further price drops, including a fall below that level. psychological level of $60,000 Already in sight Crypto analyst shared his insights on Bitcoin by comparing it to Death Cross in 2019. next You could be able to move.
The Death Cross of 2019 was a local peak for this crypto. It went on record lower highs, with its price falling for approximately four months. Cowen did admit that this could turn out to be a different outcome, noting the fact that such indicators are known to move in opposite directions. “slightly different way” Throughout the different phases of a cycle.
What might also happen based on the timing of this Death Cross next Bitcoin. Cowen pointed out that, on average September is the month when Bitcoin prices are highest. worst month for BitcoinThis suggests that the crypto’s flagship could experience a decline that would extend to September.
This is the macro side
Cowen said that no matter what happens, Cowen will be there to reveal it. next Bitcoin’s performance will depend more on factors outside the market than its current conditions. It includes macroeconomics factors such as inflation Then, there is the labor market. The macro-side is thought to have been responsible for the crash of the crypto on 5 August as the fears over a recession increased.
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You can also find out more about the following: US Federal Reserve The earliest date for the launch of cutting interest rates In an effort to reduce inflation to the desired 2%. But their hesitation led to predictions that the US may soon be in a downturn.
You can also find out more about the following: July US job reports Also, the higher unemployment rate than expected has market participants worried. This macro-side has a significant impact on Bitcoin and crypto markets because it determines the amount of money that investors will invest.
Featured Image from iStock. Chart by Tradingview.com
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Source: www.newsbtc.com