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A Chilling Bitcoin “Death Cross” Reappears With a Gloomy Stocks Correction

▪ Bitcoin has formed a “Death Cross” pattern on its daily chart as price slips ahead of the New York opening bell.
▪ The cryptocurrency’s 50-day simple moving average today closed above its 20-day exponential moving average.
▪ The pattern surfaced as the U.S. futures signaled a negative session ahead. Bitcoin and the S&P 500 have shown a positive correlation.

Bitcoin’s daily moving averages (MA) have formed a “Death Cross” – a market signal interpreted by some traders as hinting that the cryptocurrency will fall further.