Bitcoin Drops to $35,000 Ahead of Death Cross
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Bitcoin has dropped by over 5% since reaching $40,000 a few days ago
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The decline did not affect the flagship cryptocurrency alone, with altcoins and the stock market also affected
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The world’s largest cryptocurrency remains up by 23% in 2021 as traders await the death cross
Bitcoin has lost more than 5% of its value since crossing the $40,000 mark last week.
The flagship cryptocurrency dropped below the $36,000 support to reach $34,500 in the early hours of Saturday.
The downward movement did not affect Bitcoin and the crypto market alone but also the stock market and commodities.
The world’s largest cryptocurrency remains up by 23% in 2021, despite its bearish movement since April.
While some traders are optimistic about this being a bullish market, others are worried about the death cross.
What is the death cross?
The death cross occurs when the 50-day moving average crosses to go below the 200-day moving average.
This could indicate that the market has turned bearish and it is anticipated to happen over the weekend.
Read also: Man Loses N192 Million in Cryptocurrency Scam
At the time of this report, Bitcoin is trading at $35,800, down by 5.4% in the last 24 hours.
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