Share this article
Bitcoin Listless as New 'Bearish Crossover' Looms
Bitcoin's long-term moving averages are about to produce yet another bearish crossover.
Updated Mar 6, 2023, 3:38 p.m. Published Jul 12, 2021, 11:45 a.m.
Bitcoin continues to be in a lull, with its price locked in a narrow range of $32,000 to $35,000 for more than two weeks. Due to prolonged consolidation, popular indicators like the relative strength index are no longer suggesting directional bias.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, a chart analysis of long-term moving price averages suggests more bearishness ahead. The cryptocurrency's 100-day simple moving average (SMA) is about to cross below the 200-day SMA for the first time since May 2020.
The so-called bearish crossover comes weeks after the 50- and 200-day SMAs charted the "death cross." Bearish crossovers of longer duration averages often lag price action and trap traders on the wrong side of the market.
For instance, bitcoin barely saw any bearish moves following the previous bear cross of 100- and 200-day SMAs in May 2020. A similar bear cross was observed in April 2018, October 2014 and April 2014, coinciding with interim price bottoms. The one observed in November 2019 was followed by a deeper price decline.
That said, the absence of solid follow-through to the repeated defense of the $30,000 support in the past few weeks is a cause for concern.
According to Katie Stockton, founder, and managing partner of Fairlead Strategies, a move above the 50-day SMA resistance at $35,621 may bring more buyers, lifting prices above $40,000.
The immediate support is seen at $32,100 (July 8 low) followed by $30,000. At press time, bitcoin was trading near $33,700, representing a 1.5% drop on the day, according to CoinDesk 20 data.
More For You
需要了解的:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
需要了解的:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
