- Bitcoin lost more than 2.6% in price per day
- However, the situation is much better than it was on Monday resistance
The scale of the fall in bitcoin from the record peak in November (68 thousand dollars) to the minimum of Monday (40 thousand) is %. If we applied the stock market criteria here, we would be talking about a bear market. But Bitcoin and the cryptocurrency market in general are more tolerant in this regard, so experts tend to see a correction here, rather than a bear market.
But everything can change if the BTC falls below the important barrier in 40 10 dollars. At the moment, support is working. In addition, oversold conditions help to stay afloat – it is signaled by the popular oscillators of technical analysis – RSI and MACD.
Here the emphasis should be on the word “bye.” Because until the rate breaks through the local December peak ($ 59 thousand), it will not come out of the current correction system.
Pattern “Cross of Death”
Traders have noticed a rare pattern that can form on the BTC chart – it is called the “cross of death”.
Analyst Lark Davis writes that this is the 9th “cross of death” in the history of bitcoin.