Bitcoin Price Still in Bull Market as Death Cross is Averted

Over the past few months, analysts have been questioning if Bitcoin (BTC) really is in a bull market. Just two weeks ago, the leading cryptocurrency was down nearly 50% from its year-to-date peak of $14,000 — something that many took as a signal that Bitcoin was back in a bear market phase.

But, a key technical indicator has shown that the crypto market remains in a bullish phase. The thing is, another drop in the BTC price, even to $8,000, could make that indicator flip bearish for the first time since March 2018 — just shy of the $20,000 top of the last bull run.

Related Reading: Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: Analysis Bitcoin Still in Long-Term Bull Market, Indicator Suggests

If you’ve followed cryptocurrency trading at all, you’ve likely seen the terms “golden cross” and “death/bear cross” incessantly mentioned on Twitter and TradingView. For some reference, golden and death crosses in technical analysis refer to when moving averages (MAs) cross each other to signal a trend; golden crosses see short-term MAs crossing above long-term MAs, and death crosses the other way around.

According to a recent analysis by Byzantine General, a popular trader on