Analyst warns bitcoin likely to retract as it is still under a death cross – Bitcoin Price News

Crypto analyst on trading view warns that despite a big move up, bitcoin is still under a death cross, and the price might slump down any moment. After trading for around $9,400 for a while, the price of the leading cryptocurrency dropped down to $9,000 at the time of writing.

The price of the bitcoin surprised everyone when it surged from $7,400 to above $10,000 in just a few hours later last week. Several analysts had predicted for bitcoin to continue to slump down, but it managed to gain upward momentum. However, an analyst on Tradingview has warned that bitcoin is still under a death cross, and the price might go below in the near future.

CryptoGats on tradingview warned that bitcoin is still under a death cross as he pointed out that the price of the bitcoin is still on a downtrend. Bitcoin has over the 200-day Moving Average from the last four days. He further wrote that there is too much resistance and not enough volume.

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He speculated that the big up move was just to cash in on short positions. In the coming days, BTC’s price may start to come down and behave like how it should under a death cross. After trading around $9,400 for a while, the price of bitcoin has retraced back to $9,000 at the time of writing.

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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