Bitcoin’s daily chart is set to show a so-called death cross, a major bearish technical pattern, for the first time since January 2022.
Past data show the death cross is not reliable as a standalone indicator.
Strengthening U.S. dollar and macro developments suggest tough times ahead for risk assets, including cryptocurrencies.
The bitcoin (BTC) price seems set on doing the opposite of whatever the dollar index (DXY) does.
The leading cryptocurrency’s 50-day simple moving average is on track to drop below its 200-day SMA, confirming a so-called death cross, the first since January 2022. The dollar index, which tracks the greenback’s value against major world currencies, looks set to confirm the opposite – a golden cross.