NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Paints Two Extremely Bearish Patterns: Death Cross and Double Top

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, bitcoin price, cryptocurrency

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin prices rallied Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month.

The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them.

bitcoin, bitcoin price, cryptocurrency
BTC/USD forming death cross and double top on the same day | Source: TradingView.com, Coinbase

The chart confirmed the partial formation of Double Top after traders failed to move prices past the $6,900-resistance level second time in two weeks. They plainly liquidated their long positions at local tops to take short-term profits, remaining unsure about how the bitcoin market would play out long-term against the Coronavirus-induced global market sell-off.

The bitcoin-to-dollar exchange rate corrected by more than 6 percent from its $6,983-top during the European morning session. The pullback raised the possibilities of a full-fledged Double Top confirmation, now eyeing a confirmation once the price hits the Double Top Support of $5,657, as shown in the chart above.

As for Death Cross, the technical indicator’s formation last year led traders to push the bitcoin price down by 39 percent. In 2018, the cryptocurrency plunged by almost 55 percent after the bearish signal flashed in March.

Bulls Don’t Care

As technical indicators print a scary outlook for bitcoin, its long-term supporters are finding the bullish case in macroeconomic narratives.

The fast spread of Coronavirus pandemic wiped about $4 trillion off the US stock market since its February’s peak, according to CBS News. The Federal Reserve and the US government took a combined action to cure the market’s outlook. Their solution: cutback interest rates to near zero, launch bond-buying programs and inject $2 trillion into the banking system.

Changpeng Zhao, the chief of the world’s leading crypto exchange Binance, treated the Fed’s emergency stimulus program as good news for bitcoin. The celebrated entrepreneur noted that some portions of the new liquidity could end up in the cryptocurrency market, leading its overall valuation higher.

“As we get used to [talking] about Trillions, a modest $2 trillion market cap of bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right? As most BTC are not for sale (HODLers), we only need a small portion of that $2t to buy to reach it.”

Michael Novogratz, a billionaire investor who oversees crypto merchant bank Galaxy Digital, built upon Mr. Zhao’s comments, stating that “Millenials and Gen Z” would buy bitcoin to safeguard themselves from hundreds of trillions of dollars worth of debt their predecessors – boomers – have left for them.

Millennials and Gen Z get to inherit all these liabilities being written by the +75 crowd in charge today. Really doesn’t seem just. The Boomers will go down as the generation that bankrupted the USA. Maybe why young people like $BTC.

— Mike Novogratz (@novogratz) March 25, 2020

As of the time of this writing, the BTC/USD exchange rate was trading close to $6,500, down almost 3.6 percent from its intraday high. Meanwhile, the overall cryptocurrency market was down $6.36 billion into the day.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Bear Case Says Price Is Headed Below $100,000, But Bulls Still Have A Chance, Here’s How

Bitcoin’s price has spent the past week hovering within a tight band and bouncing between $108,000 and $112,000 without any...

Scott Matherson 4 hours ago
Altcoins

Altcoins Feel The Pinch As Crypto Market Sentiment Sours

The crypto market slipped into a risk-off mood over the weekend as the Crypto Fear & Greed Index fell to...

Christian Encila 5 hours ago
Solana SOL SOLUSD

Solana Rally in Sight? Traders Eye Breakout That Could Push SOL Toward $250

Solana (SOL) is once again back in the spotlight as bullish momentum returns to the crypto market. After briefly touching...

James Halver 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Finds Crucial Support On Bull Market Band — Will Momentum Hold

Godspower Owie 58 minutes ago
Bitcoin

Tom Lee Predicts $200K Bitcoin — Peter Schiff Isn’t Buying It

Christian Encila 1 hour ago
ethereum

Ethereum Marches Upward Without Leverage Overheating – Sign Of Structural Health?

Ash Tiwari 3 hours ago

Premium Sponsors

Press Releases

  • SNEYD

    SNEYD Mining will be the world’s first choice for...

    6 hours ago
  • Best Bitcoin

    Best Bitcoin Mixer Coinomize.is: Complete Privacy Solution...

    6 hours ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    8 hours ago
  • 仮想通貨おすすめ:ビットコイン11万7,000ドル予測と3億ドル空売りリスク

    ...

    10 hours ago
  • ドージコイン 今後の課題:0.25ドル突破に苦戦、新しい仮想通貨に資金が流入する9月

    ドージコイン...

    10 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.