Crypto analyst Benjamin Cowen Recently, we discussed the effect of the Death Cross indicator which appeared on Bitcoin’s charts again. This indicator is a great way to track the performance of Bitcoin. the $62,000 price level Bitcoin’s price stability is at stake.
Cowen notes in a video Bitcoin may drop lower, according to a YouTube video posted by a user. If it doesn’t hold over $62,000 before the Death Cross. Bitcoin was up to $62,000, after it recovered from its crash under $50,000 on August 5, Bitcoin’s price had risen to $62,000 after its crash below $50,000 on August 5. rise to $62,000 The word “brought about” is a term that has been used to describe the occurrence of the Death CrossThis is a threat to the price of the crypto’s flagship.
Death Cross and its Impact on Bitcoin Price
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Bitcoin’s price must rise above $62,000 soon, or else it will continue to fall, and could even drop below that level. psychological level of $60,000 It’s already within sight. Crypto analyst specifically made comparisons with the Death Cross that occurred in 2019 to give insights on what Bitcoin might do next.
Cowen noted that in 2019, the Death Cross marked a top local for flagship cryptocurrency, which went on to make lower highs and was then bearish for four months. Cowen acknowledged that the outcome could be different this time around, noting how indicators such as these usually play out. “slightly different way” The cycle is divided into different phases.
This Death Cross may also give us a hint as to what Bitcoin will do next. Cowen pointed out that, on average September is the month when Bitcoin prices are highest. worst month for BitcoinThe flagship cryptocurrency could be in for a downward trend that extends into September.
This is the macro side
Cowen stated that Bitcoin’s future will be primarily determined by external factors, not the current conditions of the cryptomarket. These include macroeconomic variables like inflation Then, there is the labor market. In fact, macro is believed to have caused the crypto crash that occurred on the 5th of August due to fears of a possible recession.
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It is important to note that the word “you” means “you”. US Federal Reserve Has so far resisted cutting interest rates To bring the inflation rate down to the desired level of 2%. Their hesitation, however, has led projections to suggest that the US could enter into a recession soon.
It is important to note that the word “you” means “you”. July US job reports Also, the higher unemployment rate than expected has market participants worried. It is important to note that the macroeconomic side has an impact on Bitcoin, and other crypto assets. The amount investors are willing invest determines a lot.
Chart by Tradingview.com. Image from iStock.
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Source: www.newsbtc.com
