Bitcoin’s plunge back below $9,000 has the cryptocurrency facing a dreaded death cross. This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis. As the name implies, it’s considered a bearish development.
This would be the first death cross for Bitcoin since 2015.
To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.