Bitcoin (BTC) has just formed its first death cross of 2024
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On Thursday, Bitcoin experienced its highest one-day rise in more than 16 months. Bitcoin is still somewhat higher, up 1.58% weekly. Traders believe the recent volatility in digital assets is the result of macroeconomic issues as well as forced selling by crypto speculators.On the upside, Bitcoin's current bounce may require a clear break above the daily moving averages of 50 and 200, which are $61,875 and $62,094, respectively. In this scenario, Bitcoin may reach $70,000.
If this fails to happen, Bitcoin may fall into a consolidation range below the daily moving averages with support near $50,000.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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