Bitcoin’s Latest ‘Death Cross’ And What It Means For Price For Traders Like You
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- Bitcoin rose to $62,000 on August 8, but the price has struggled since then
- On-chain indicators showed positive signals, but a moving average on the daily chart suggested an impending setback
Recovery gains on Thursday helped crypto prices across the board recover from multi-month lows reached after last weekend’s crypto and stock market bloodbath. In fact, at the peak of its recovery on Thursday, Bitcoin (BTC) traded as high as $62,500.
BTC’s bullish speculators tried in vain to hold on to the previous day’s gains on Friday, but the crypto flagship fell back to lower highs.
However, at the time of writing, press time price action showed that buyers have regained control following significant selling pressure earlier this week. Still, analysts are divided on whether the previous heavy losses were a bear trap or a harbinger of further declines.
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