By Luke KawaBitcoins plunge back below $9,000 has the cryptocurrency facing a dreaded death cross.
This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis.
As the name implies, its considered a bearish development.This would be the first death cross for Bitcoin since 2015.To be sure, there are some countervailing technical signals suggesting this event might not be so crippling.
The 200-day moving average is still rising and served as intraday support Friday.
In addition, Bitcoin is setting higher lows, with Aprils trough higher than Februarys.