Bitcoin price analysis
Near-term growth amidst death cross concern (Market Analysis)
We expect a minor growth to $ 9,000 in short run for Bitcoin (BTC), but the overall trend in the long term is still bearish. According to Bitcoin Price Index (BPI), in the trades that took place on March 19th, bitcoin price rises to over $ 8,000. Join CoinIran for further information.
Growth Against Gloomy news
Bitcoin recently fell to $ 7335, which was the lowest price in the last 40 days. a drop linked to reports that Twitter will ban Cryptocurrency Ads in two weeks. Meanwhile, Google and Facebook have both recently implemented policy changes to remove cryptocurrency-related ad content.
Despite the negative news, this unprecedented drop in prices in recent weeks did not last long and the price returned to more than $ 8,000. This price increase appears to be due to a positive divergence in the relative strength index (RSI) indicator.
However, news such as the Reuters report from the Financial Stability Board (FSB), which has the task of regulating the G20 economies, may have played a part in boosting BTC prices. The report states that the council has rejected requests for more stringent regulations on cryptocurrencies.
It seems likely to expect a price increase up to $ 9,000 in the short term. While writing this article, Bitcoin is trading at $ 8,154, according to Bitcoin Price Index (BPI) and the global average price is $ 8219, as calculated by CoinMarketCap – up 6.5 percent in the past 24 hours.
Bitcoin under shadow of Death Cross chart pattern
A bearish chart pattern known as a “death cross” is close to appearing in bitcoin’s chart. This pattern occurs when the 50-day moving average drops below the 200-day moving average. The idea is that this cross marks the spot where a shorter-term decline is turning into a longer-term downtrend. Crossing below that level it hasn’t done since 2015.
According to a few strategists, it could end up pushing bitcoin down to as low as $2,800.
timing tools, as a major chunk of the sell-off has already run its course by the time the crossover actually occurs. they don’t have a great success rate, as MarketWatch’s Tomi Kilgore has noted.
According to CoinDesk, Only a weekly close above $11,700 would signal the beginning of a fresh bull run towards record highs.
