Bitcoin forms "death cross" after market drop, losing over $370 billion in value

From Investing.com

August 6, 2024 03:00:22 PM:

Bitcoin (BTC) forms a “death cross” on short-term charts after market sell-off, hitting a low of $49,050. Over $370 billion wiped out from crypto market cap in 24 hours, with Bitcoin seeing its largest single-day drop in three years amid broad market downturn. Death cross signals potential bearish momentum as short-term moving average crosses below long-term moving average.

Despite recent losses, Bitcoin rebounds on Tuesday, up 9% in 24 hours to $54,851. On-chain analytics firm IntoTheBlock notes key resistance levels at $55,500 and $60,500, with strong support around $47,500. Wallets holding 1,000 to 10,000 BTC show confidence, increasing holdings during dip, while wallets with less than 1 BTC show weak hands, decreasing holdings significantly during market downturn.

Read more at Investing.com: Bitcoin (BTC) Forms Death Cross Amid Market Drop By U.Today