This strong bearish signal came after Bitcoin had already dropped about 25% from its early October peak of USD 126,000.
The Death Cross signal further accelerated the selling pressure, leading to iBit ETF experiencing over USD 1.26 billion in net outflows in mid November alone. This is the longest stretch of outflows since its launch in January 2024.
This example is interesting because while the traditional interpretation of a Death Cross is a strong sell signal for an impending bear market, previous Death Crosses in Bitcoin's history actually coincided with its bottoms .
The iBit Death Cross is a good example of how this technical indicator can trigger short term selling.
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- ChiYaoΒ·12-14 01:08Great article, would you like to share it?1Report