For all of the triumphs of 2024, Bitcoin (BTC) has lately been struggling to maintain any sort of positive momentum.
Indeed, after tapping a new all-time high (ATH) at $73,000 in March, the world’s premier cryptocurrency has experienced a notable correction which – at the height of the Israel-Iran war scare – even saw if fall below $60,000.
While the situation has somewhat stabilized since, and BTC managed several days of positive – if highly volatile – trading it is not only trading in the red again, but technical analysis (TA) reveals that an even greater pullback may be imminent.
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Technical analysis reveals likely crash for Bitcoin
As of April 25, Bitcoin is facing two sell signals from two generally reliable technical indicators, per an analysis posted on X by the prominent crypto expert Ali Martinez.
For starters, TD Sequential, a tool that uses past performance to identify a coming trend change – whether bullish or bearish – has flashed its own sell signal on the 12-hour chart on Thursday.
Additionally, a death cross – a chart pattern that forms when an asset’s short-term moving average (MA) falls below a long-term MA – also appeared on the same Bitcoin price chart.
Martinez concluded that should BTC’s price drop below $63,300 – a dangerously possible next move given the recent sharp downtrend and the press-time price of $63,827 – the world’s foremost cryptocurrency might find itself dropping to $59,000:
Two sell signals were presented on the #Bitcoin 12-hour chart: A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential. If $BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000.
Bitcoin price chart
Though Bitcoin’s most recent performance might be substantially below expectations – particularly in the wake of the halving and with the two sell signals in mind – the coin has, overall, been doing exceptionally well in the crypto market for much of 2024.
Indeed, despite the April struggles, BTC remains 52.22% in the green year-to-date (YTD).
Still, there has been a substantial decline in the more recent time frames and BTC is in the red in the last 30 days – 10.17% – though it did manage a 3.57% climb on the weekly chart.
Bitcoin price today, at press time, stands at $63,827 after a 3.77% drop in the last 24 hours of trading.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
