A rare death cross has been confirmed on Bitcoin’s price chart, suggesting that the bear market has just started. Will dip buyers be able to defy the trend?
Bitcoin’s abrupt drop to $80,000 shocked traders, but back-tested data on 105 indicators suggests the market washout is preparing BTC for a longer-term rally to new highs.
Bitcoin has yet to find a bottom, but the data suggests buyers were very interested in the abrupt dip to $80,000. Several altcoins are also approaching deep discount levels.
Bitcoin price corrected alongside major US equities as a tech-led sell-off and investor concerns over AI spending and a Federal Reserve policy shift hit markets hard.
Ether treasury companies are holding millions of dollars in unrealized losses, and the falling mNAV valuations and ETH’s potential to fall below $2,500 may further complicate matters.
Bitcoin weakness persists as the BTC price drops to $86,000, alongside a US stock market sell-off and diminishing odds of a 50-basis-point Fed interest rate cut at the next FOMC.