For all of the triumphs of 2024, Bitcoin (BTC) has lately been struggling to maintain any sort of positive momentum.
Indeed, after tapping a new all-time high (ATH) at $73,000 in March, the world’s premier cryptocurrency has experienced a notable correction which – at the height of the Israel-Iran war scare – even saw if fall below $60,000.
While the situation has somewhat stabilized since, and BTC managed several days of positive – if highly volatile – trading it is not only trading in the red again, but technical analysis (TA) reveals that an even greater pullback may be imminent.
Technical analysis reveals likely crash for Bitcoin
As of April 25, Bitcoin is facing two sell signals from two generally reliable technical indicators, per an analysis posted on X by the prominent crypto expert Ali Martinez.
For starters, TD Sequential, a tool that uses past performance to identify a coming trend change – whether bullish or bearish – has flashed its own sell signal on the 12-hour chart on Thursday.
Additionally, a death cross – a chart pattern that forms when an asset’s short-term moving average (MA) falls below a long-term MA – also appeared on the same Bitcoin price chart.
Martinez concluded that should BTC’s price drop below $63,300 – a dangerously possible next move given the recent sharp downtrend and the press-time price of $63,827 – the world’s foremost cryptocurrency might find itself dropping to $59,000:
Two sell signals were presented on the #Bitcoin 12-hour chart: A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential. If $BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000.
Bitcoin price chart
Though Bitcoin’s most recent performance might be substantially below expectations – particularly in the wake of the halving and with the two sell signals in mind – the coin has, overall, been doing exceptionally well in the crypto market for much of 2024.
Indeed, despite the April struggles, BTC remains 52.22% in the green year-to-date (YTD).
Still, there has been a substantial decline in the more recent time frames and BTC is in the red in the last 30 days – 10.17% – though it did manage a 3.57% climb on the weekly chart.
Bitcoin price today, at press time, stands at $63,827 after a 3.77% drop in the last 24 hours of trading.
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