5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
Leave a comment
Your email address will not be published. Required fields are marked *
2022-05-18 | Selina Mathew
If you're involved in the cryptocurrency industry, you're probably curious about the future of Bitcoin. The recent two weeks' developments indicate that BTC is due for a bullish comeback. However, a new danger has emerged in the shape of a death cross, which indicates the possibility of more decline.
The 50-day moving average for Bitcoin has just crossed below the 200-day moving average, making a death cross. The death cross in the three-day chart has traditionally resulted in a 50% downturn, according to popular crypto investor Lark Davis. If the same thing happens again, Bitcoin might face another huge price decrease.
Bitcoin was trading at $30,613 at the time of writing, having spent the previous four days fluctuating between $29,000 and $31,000. Its performance does not appear to have enough purchasing volume to propel it out of the range, leaving it vulnerable to another negative shock.
Although Bitcoin has risen out of the oversold zone, the MFI remains below 20, which is in the accumulation zone, but signals limited inflows. Despite rally forecasts, the death cross indicates an elevated possibility of another crash.
.png )
BTC/USD 1 DAY PRICE CHART : SOUECE - COINMARKETCAP.COM
If enough BTC is accumulated at or near the present low price level, the current structural support may be strengthened. However, the opposite result makes it more vulnerable to downside risk.
Your email address will not be published. Required fields are marked *
5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
The Bitcoin Savings and Trust Scam: The First Scam in the History of Bitcoin
The Birth of Bitcoin Exchange: A Look Back at the First Bitcoin Exchange
How Does Bitcoin Network Work? What Are BTC Nodes?