Bitcoin price is trading sideways! The star crypto is trading just below the vital support level of $25,800 for over a couple of days. This indicates either the bulls are accumulating strength for a massive breakout or the traders have turned pessimistic about the impending trend. However, the latter appears to be more variable as the current trade setup flashes extreme bearish signals.
In the previous composition, multiple factors were mentioned as to why September could be the most terrible month for the BTC price. And here is yet another reason to be bearish on Bitcoin this month. The BTC price may soon encounter the first ‘death cross’ of 2023 in the upcoming week, which may shed another 15% to 20% of its value.
Bitcoin’s daily chart is set to print a ‘death cross’ where the bearish cross-over between the 50-day & 200-day MAs will be recorded for the first time since January 2022. This could be the first occurrence of this, in 2023, with the weekly chart painting a death cross earlier this year in February. The 50-day MA is set to cross its 200-day MA soon in the coming week, with the projected date around September 11, 2023.
Previously, when the price experienced a golden cross, it rose high enough to reach above $31,000 in April. Hence, the upcoming bearish event is set to drag the price lower to form new interim lows close to $24,000 or slightly below. However, the death cross may certainly not be considered the ultimate signal, as some of the positive news on ETFs may flip the trend completely.
Therefore, the next week may be considered crucial for the Bitcoin (BTC) price and the entire crypto market. Mainly due to the fact that the next course of action appears to be largely dependent on the impending move.
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