Bitcoin again faces the "cross of death"
Bitcoin fell 2.2% on Thursday after rising for two days
Jan 14, 2022
1 min read
Peter JanssenMarket expert

The first cryptocurrency found no resistance around $44,000.

On the daily BTC chart, a “death cross” pattern forms in a day or two.

Bitcoin is declining along with US stock indices. The fall in stock indicators was mainly caused by a sell-off in technology stocks after Fed spokesman Brainar announced a possible number of rates back in March.

According to the Kaiko platform, the correlation between the watch and the S&P 500 stock index has strengthened to its highest level since July 2020. At the beginning of this week, the correlation index hit 0.61, writes Coinspot.

Bitcoin falls into the category of risky assets and advantages associated with one share with technology stocks. The strong dependence on cryptocurrencies in the market is manifested in the fact that the US Federal Reserve is already raising rates this quarter.

Meanwhile, Fidelity Investments believes that corrective coverage has bottomed out at $40,000.

SEBA Bank CEO Guido Buhler predicts that supervision will rise to $75,000 as a result of an increase in the scale of the influx of institutional pressure on the cryptocurrency market.

“Our overall price increase estimate is between $50,000 and $75,000. I am absolutely sure that we will see this level. Institutional money raised the price, it's a matter of time,” he explained.

Hong Fang, CEO of crypto exchange OKCoin, is more optimistic. She is confident that the surveillance rate could top $100,000 in 2022.

Cryptocurrency analyst Lark Davis warned in a tweet that daily manifestations show forms of “cross-over” technical analysis indicating a possible decline in activity. This figure has formed on the BTC chart only eight times in history.

A "dead cross" or dead cross is formed when the 50-day moving average moves up and down the 200-day moving average.

“If there is a drop in the near future, it will again put pressure on the stock markets. The crypto-currency market, under risk conditions, will again turn to the indicator, stopping the rebound and remaining within the protracted downward channel, ”comments the GravityPlus analyst team.

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