The short-term moving average is below the long-term moving average, flashing Bitcoin hourly wages and causing speculations about BTC’s short-term price trajectory, flashing the bearish “deathcross” signal.
The hourly moving average of 50 is below the hourly moving average of 200 on the Bitcoin hourly wage chart, indicating the “Crucifix of Death.” Bitcoin initially responded to an hourly “deathcross” formation by bumping into trends, but as of recently, two hourly red candles were marked.
At the time of writing, BTC has increased by 0.94% to $103,850 over the past 24 hours.
Bitcoin prices continue to be integrated within the relatively tight range of $100,703 to $105,787. The sideways movement indicates that the market is still uncertain and that bulls and bears are at a dead end.
Death usually suggests a potential downside, but especially in the higher time frame, hourly versions often show short-term debilitating rather than significant trend shifts. Traders look for confirmed breaks above or below the current range to determine the next move for BTC.
What’s next for BTC prices?
Bitcoin has been oscillated over the past few days (since May 9th) range, suggesting a balance between supply and demand. The price of BTC exceeds the psychologically significant $100,000 barrier.
A break above $105,787 could rekindle bullish momentum. If this happens, as some analysts predict, Bitcoin can target $120,000.
However, failing to continuously push the $109,114 all-time high price could tempt short-term buyers to book profits. This puts you at risk of failing your $100,000 support. Soaking under the current support area of $100,703 may pave the way for deeper corrections.
