- 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
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.
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.
