Bitcoin BTC showed another further decline this week with many investors wondering if it is signs of a bear signal. With technicals in mind it appears so as chart watchers have already pushed to social media the very clear death cross technical pattern that is now displaying.
While it would be nice to think there could be a bounce back, generally this is not the case when there is a death cross and we could see a drop quite similar to the November 2021 death cross last experienced. That month brought about a further 5% drop.
Bitcoin is the biggest cryptocurrency on the market and serves almost as a fallback coin to investors who dabble on the exchange. With the support coin now facing high volatility, there aren’t many other liquidating options which could indirectly affect other smaller tokens on the market.
As of the time of this article, BTC is trading at just over $32,000 while the second biggest coin Ethereum ETH has also slumped to $2,400. Other coins such as BNB have dropped considerably and now struggle to retain above the $300 range.
While big investors and corporations appear to be taking advantage of the current dips to fill their crypto wallets with, the same cannot be said for smaller investors who can’t afford to lose any further. With that said, all eyes are on how much lower BTC will likely dip this week.