Bloomberg

Bitcoin death cross is staring down bulls after a painful retreat

After one of roughest patches even for bitcoin enthusiasts, holders of the largest digital currency are facing an ominous technical price pattern with a name that suggests more pain ahead.

A person holds a bitcoin token at the bitcoin ATM in El Zonte, El Salvador, on June 14, 2021. Foto: Bloomberg photo by Cristina Baussan.

Known as a death cross, the measure shows up whenever an asset's average price over the last 50 days drops below that of its 200-day moving average, an indication that its momentum is headed downward. And though it hasn't occurred yet for bitcoin, it looks to be on course to hit it later this week, according to Mati Greenspan, founder of Quantum Economics.

"The chart is pretty clear," he said...

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