The Surprising Tale of Bitcoin’s Double Death Cross: A Cautionary Comedy

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Well now, gather ’round, folks! Bitcoin, that rascal of a currency, is tiptoeing into a curious situation that ain’t your run-of-the-mill spectacle or what the townsfolk call “hype.” No sir, this here is a slow dance, one that whispers warnings rather than shouts headlines: the grim specter of back-to-back death crosses looming on the daily chart.

Staring at that price chart, you’ll see our dear Bitcoin fluttering about just above a hefty $76,000, not too far from a local low it took for a spin earlier this week. While the price is still frolicking in familiar waters, those moving averages are beginin’ to squawk something fierce.

Why, the 23-day simple moving average has already sauntered below the 200-day, and should the short-term momentum not change its tune soon, it looks poised to cross beneath the 50-day SMA too. That’ll signal the second bearish crossover, a real doozy!

Now, hold your horses, this ain’t the end of the world. No need to clutch your pearls or scream “Market Collapse!” It’s not that dramatic, I assure you. But for those traders who keep an eye on the big picture, this arrangement of SMAs is worth a fair bit of consideration. It hints at a waning upward momentum taking root in the medium-term price structure, and lord knows we could do without that!

Just look at that recent attempt to rise back to $84,000-$86,000, where a gaggle of overlapping averages gathered like birds on a wire. Alas, it was rejected with a flourish, and those latest red candles are joining in with a whole lot more enthusiasm than the last party. Makes you wonder if the downward slide is just a passing whim or something serious.

Support is nigh, but here’s the million-dollar question: are those buyers ready to leap in before another bearish crossover barrels through the door? Or will they hang back, like a cat eyeing a bath? As long as it holds above $74,000, we might be okay for now. Slip below that, and boy, the narrative is likely to take a sharp turn.

At this moment, Bitcoin ain’t panicking like a headless chicken. No, it’s just drifting along, slowly and technically, perhaps into a peculiar predicament that doesn’t raise alarm bells but sure makes one’s eyes heavy as lead when looking at the charts.

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2025-04-09 17:50