Bitcoin Charts Signal More Downside After Worst Day Since April
Bitcoin suffered its worst single-day drop since April, with a death cross forming and prediction markets turning bearish, suggesting further downside risk for the leading cryptocurrency.
Bitcoin just recorded its worst single-day price drop since April, with technical indicators turning decisively bearish. The death cross — when the 50-day moving average crosses below the 200-day moving average — has taken effect, and prediction markets are now pricing in a higher probability of further declines.
The sell-off marks a sharp reversal from the relative stability seen in recent weeks. Bitcoin fell sharply on Tuesday, erasing gains accumulated over the past month. The death cross, a widely watched technical signal, suggests that short-term momentum has broken down and that selling pressure could intensify. Prediction markets, which aggregate bets on future price moves, have shifted to a bearish bias, reflecting growing pessimism among traders. For cryptocurrency traders, the current setup echoes past episodes where a death cross preceded extended drawdowns, though the signal is not always a reliable standalone predictor. The move also comes amid broader risk-off sentiment in global markets, with equities under pressure and the US dollar strengthening. Traders can monitor Bitcoin's live price action on NowPrice's real-time crypto dashboard to track key support and resistance levels as the situation evolves.
Looking ahead, traders will watch for a potential test of the $60,000 support level, which has acted as a floor in previous corrections. A break below that could open the door to the $55,000 area. On the upside, Bitcoin needs to reclaim the $70,000 level to invalidate the bearish setup. Key data releases this week include US jobless claims and nonfarm payrolls, which could influence risk appetite across all asset classes. The Federal Reserve's next policy decision also remains a focal point, as any hawkish surprise could exacerbate selling pressure on Bitcoin and other digital assets.