Cryptocurrencies
Bitcoin Forms ‘Death Cross’ as Selloff Shows No Sign of Reprieve
- China’s harder regulatory stance on crypto is rattling traders
- Original crypto has lost roughly 40% over the past two months
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After a slew of news related to renewed crackdowns from China triggered a Bitcoin selloff, chartists and analysts are turning to a sinister-sounding technical signal.
The original cryptocurrency has formed a death cross, meaning its average price over the last 50 days fell below that of its 200-day moving average. The indicator is typically seen as a closely-watched technical measure that could offer a hint at more pain to come.