Bitcoin declined about 9% over the past 48-hours as the price broke below $34,000. The world’s largest cryptocurrency by market capitalization is still up about 20% year-to-date, although some traders are concerned about the looming ‘death cross,’ which could indicate a shift from a bullish to bearish price trend and increase selling pressure.
The death-cross occured on Saturday 19th of June 2020 and is defined by a cross of the 50-day moving average below the 200-day moving average. Some analysts remain bullish on bitcoin relative to equities.