Monitoring resource Material Indicators meanwhile eyed a so-called “death cross” on the weekly chart.

The death cross occurs when certain moving averages (MAs) collide, and here, the 21-week MA was on course to head below the 200-week equivalent.

“The 21-Week and the 200-Week Moving Averages are on a collision course for a DeathCross on the BTC Weekly candle Close/Open,” it warned in an X post on the day.

Material Indicators referenced a potential lower low (LL) at the weekly close.

“The 50-Week MA, may provide some temporary support and even trigger a short term rally, but if PA takes us there, it will print a LL which I believe opens the door to grind down to test $20k,” it added.

On the horizon was the liquidation of crypto assets by defunct exchange FTX — an event that could contribute to BTC selling pressure.

“If there is a base case for hopium, it’s that FTX liquidators don’t want to see too much price erosion before they start distributing, and may try to prop price up a little longer. That’s purely speculative, but not out of the realm of possibilities,” the X post concluded.

https://cointelegraph.com/news/bitcoin-fails-recoup-post-fed-losses-20k-btc-price

Monitoring resource Material Indicators meanwhile eyed a so-called “death cross” on the weekly chart.

The death cross occurs when certain moving averages (MAs) collide, and here, the 21-week MA was on course to head below the 200-week equivalent.

“The 21-Week and the 200-Week Moving Averages are on a collision course for a DeathCross on the BTC Weekly candle Close/Open,” it warned in an X post on the day.

Material Indicators referenced a potential lower low (LL) at the weekly close.

“The 50-Week MA, may provide some temporary support and even trigger a short term rally, but if PA takes us there, it will print a LL which I believe opens the door to grind down to test $20k,” it added.

On the horizon was the liquidation of crypto assets by defunct exchange FTX — an event that could contribute to BTC selling pressure.

“If there is a base case for hopium, it’s that FTX liquidators don’t want to see too much price erosion before they start distributing, and may try to prop price up a little longer. That’s purely speculative, but not out of the realm of possibilities,” the X post concluded.

https://cointelegraph.com/news/bitcoin-fails-recoup-post-fed-losses-20k-btc-price