Crypto price prediction: Bitcoin (BTC) indicators showing possibility of "death cross" formation

 Bitcoin's price prediction:

Bitcoin's price has seen a significant decline today, currently valued at $81,580. Over the past 24 hours, it has dropped by 5.64%, and in the last week, it has fallen by 10.64%. Despite the recent downturn, Bitcoin maintains a strong market presence with a total market capitalization of over $1.5 trillion. The daily trading volume remains high at nearly $52 billion, showing continued investor interest.

The price movement of Bitcoin suggests a bearish trend in the market. A double-top pattern had formed at $108,330, signaling a possible reversal, and the price has since dropped below the key level of $89,223. This indicates growing selling pressure. Such this patterns consider as signs of further potential declines unless strong buying interest returns.

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Adding to the concerns, Bitcoin's technical indicators show the possibility of a "death cross" formation. This happens when the short-term moving average crosses below the long-term moving average, a signal that could lead to further selling pressure. As the 50-day and 200-day Weighted Moving Averages (WMA) approach each other, traders are watching closely for the next major move.

Despite the decline, Bitcoin still holds a strong position in the cryptocurrency market. The overall supply remains limited at 20 million BTC, reinforcing its scarcity-driven value. Many investors see such pullbacks as opportunities to buy at lower prices, believing in Bitcoin’s long-term potential. RSI right now at 37.15 below neutral level, indicates bearish pressure.

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One key level to watch is $73,750, which could act as a strong support zone. This price was an important resistance level in March last year and may now serve as a foundation for Bitcoin’s next rebound. If Bitcoin finds support here, it could regain momentum and move higher in the coming days or weeks.