Renowned Analyst Warns! A Critical Pattern Emerges on the Bitcoin Chart!

  • Known for his sharp skills in market analysis, Martinez has uncovered a concerning development on the Bitcoin daily chart – a potential death cross formation.
  • Martinez emphasized that a definitive drop below the critical support level of $25,200 could confirm a deeper correction on Bitcoin’s price path.
  • A striking statistic revealed that Bitcoin has experienced only 11 green days in the last 30 days, marking positive trading sessions at only 37%.

The famous analyst noticed the precarious situation on the Bitcoin chart and issued a warning to investors. What can we expect from Bitcoin in the coming days? FTX’s move could be critical!

Analyst Spots a Key Detail on the Bitcoin Chart

bitcoin-btc

In the world of cryptocurrency, September 11th brought ominous signals for Bitcoin (BTC) investors, and renowned cryptocurrency expert Ali Martinez, known for his market analysis prowess, sounded a critical alarm on Bitcoin on Twitter.

Martinez has uncovered a concerning development on the Bitcoin daily chart – a potential death cross formation.

A death cross is a technical analysis formation that occurs when the short-term moving average crosses below the long-term moving average. In this case, it has dangerously manifested near the $27,800 level, serving as a clear harbinger of potential turbulence.

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Current Status of Bitcoin Price

At the time of the warning, Bitcoin was fluctuating around $25,783, showing a slight but significant 0.26% drop in the last 24 hours and a 0.79% drop over the week.

Martinez emphasized that a definitive drop below the critical support level of $25,200 could confirm a deeper correction on Bitcoin’s price path. BTC had found refuge within a support level of $25,226.10 but faced a formidable resistance at $26,309, which is a critical point of contention for traders.

Furthermore, Bitcoin had been trading below the 200-day simple moving average, further highlighting the ominous nature of the death cross formation. A notable statistic revealed that Bitcoin has experienced only 11 green days in the last 30 days, marking positive trading sessions at only 37%. Despite these ominous indicators, Bitcoin still boasts an impressive market capitalization of $502 billion.

In this unpredictable crypto landscape, as Bitcoin grapples with the shadow of a death cross, investors are anxiously watching to see what FTX’s potential $3 billion liquidation on September 13th might bring to the broader cryptocurrency market, creating fear among crypto investors.

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