Bitcoin stares at Death Cross, what does it mean?

cnbctv18.com:

Bitcoin, the world’s largest cryptocurrency, started 2022 on a rocky note following a strong-but-choppy 2021. From a high of about $69,000 reached in November 2021, the virtual currency fell to about $40,000, placing it close to the ominous-sounding Death Cross.The Death Cross forms when the 50-day moving average (MA) of an asset's price falls below the 200-day moving average. It is indicative of recent selling pressure which causes the short-term average price to go lower than the longer-term average price.Some analysts expect prices to continue to fall after appearance of the Death Cross.

It is expected to happen in a few days, analysts said, even as the cryptocurrency has bounced to above $43,000.Also read: From $30k to $69k and back under $50k: Tracing Bitcoin’s rollercoaster ride this yearOn a technical basis, Bitcoin is expected to find resistance at $45,000. "Bitcoin needs a bit more recovery as RSI is still below 50, indicating that it is in the oversold zone.

If bulls try to make an upside move, then the price may soar to around $45,000 level although, in case of any misstep, prices can fall to $38,000-$36,000 zone," Shivan Thakral, CEO, BuyUCoin told The Economic Times.Crypto assets are on a downward trend amid speculation that interest rate hikes could follow one after the other starting as early as March 2022. This is one of the measures that authorities are taking to combat high inflation by sucking out liquidity from the markets.Bitcoin last formed a Death Cross in June 2021.