Bitcoin has formed the dreaded death cross, which analysts say usually predicts doom as its price flirted with $30,000, its lowest in two weeks.
China’s crackdown has been blamed for the drop, even as others blame it on a wider capital market’s instability, but this time, the death cross may not predict a drastic drop.
Since Bitcoin hit an all-time high in mid-April, the cryptocurrency has had it rough. BTC looks set to see the third straight month recording losses. In the past 24 hours, the crypto dipped to just above $31,000, shedding over $2,000 from its intra-day high. In the past seven days, it has lost close to 25 percent of its value. Even more worrying, BTC recently formed the dreaded death cross. While this usually spells dooms for any asset, there might be hope for Bitcoin according to some analysts.
Bitcoin was trading over $41,250 on Tuesday last week, having staged a great comeback in a week to gain just under $10,000. However, since then, it has lost these gains an
