Bitcoin 'death cross' sees BTC price dip $1K erasing Uptober gains
BTC price erases all its month-to-date gains with Bitcoin traders predicting that $27,000 will not stay around long. Bitcoin (BTC) broke lower on Oct. 11 as $27,000 saw its first real test since the start of the month. BTC/USD 1-hour chart. Source: TradingView BTC price battles for support after daily "death cross" Data from Cointelegraph Markets Pro and TradingView tracked increasing overnight BTC price weakness, including a trip to $26,978 on Bitstamp. Bitcoin thus came full circle for October, erasing all of the gains seen after the September monthly close. Analyzing intraday performance, popular trader Skew noted the interplay between two moving averages (MAs), along with a so-called “ death cross .” In March, he noted the 100-day MA cross ed above the 200-day counterpart — a “golden cross ” event that traditionally marks upside to come. “Here we technically just had the death cross, so if we head lower kinda leaning towards a squeeze eventually to test 200D MA again b...