Bitcoin‘s Grim Dance

• Volume spikes confirm stronger selling pressure during price declines.
• The death cross and Fibonacci levels point to more declines in store.

Bitcoin’s [BTC] price continued its downward trajectory, trading at $82,499 as of press time, after breaking below crucial support levels. 📉

The cryptocurrency is now facing increasing bearish pressure, with technical indicators suggesting a prolonged correction. Looks like someone forgot to pay the bills for this digital darling! 😭

Adding to the technical concerns, well-known analyst Ali Charts tweeted that Bitcoin has witnessed a crossover between the 50-day and 100-day moving averages on the daily chart. Ali probably has a long position in bear cuddles. 🐻

This suggests continued shifts in momentum that traders should watch closely. 👀

Death cross confirms bearish trend

A Death Cross—a well-known bearish signal—was confirmed in February when Bitcoin’s 50-period moving average (MA) fell below the 200-period MA on both the daily and 12-hour timeframes. Like a bad date, it just keeps getting worse! 💀

Historically, this crossover has preceded extended periods of downward price action. Better stock up on those tin foil hats, folks. 👽

Bitcoin’s 50-period MA was $97,041 at press time, while the 200-period MA was at $91,631. It reinforced strong resistance levels above the price. Like a bouncer at a club, no entry without a hefty fee. bouncer

BTC has yet to show signs of reversing the trend, remaining below these key levels. It’s like trying to climb a wall of sadness. 😔

Fibonacci levels suggest further declines

Bitcoin previously failed to sustain a move above the 50% Fibonacci retracement level at $85,723. It was now testing the 23.6% retracement level at $82,902, a key short-term support. Fibonacci levels are just a way to make things sound more complicated. 🙄

A decisive break below this zone could lead to a deeper correction toward $80,380, which marks the 0% Fibonacci retracement from recent highs. Time to break out the life

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2025-03-10 10:21