Bitcoin Paints Predictive Death Cross As Price Risks Falling to $51,000

Key Bitcoin Takeaways
Bitcoin exploded past $61,000 during the weekend session to hit a new record high.
The cryptocurrency failed to hold the upside momentum as profit-taking intensified.
It is now trading about 9 percent lower from its sessional top and has hinted at further downside risks after forming a death cross.
The cost to purchase one Bitcoin surged by more than 43 percent after bottoming out near $43,000 in February.
On Saturday, the flagship cryptocurrency established a new milestone high at $61,788, anticipating that Joe Biden’s $1.9 trillion stimulus package, including direct payments of up to $1,400, would prompt retail investors to use the proceeds to buy Bitcoin. But despite the uplifting catalyst behind it, the cryptocurrency market corrected lower anyway.
Traders unwinded their exposure in the Bitcoin market ahead of the Federal Reserve’s two-day policy meeting ending Wednesday — a high-impact event. The central bank officials would discuss whether or not to intervene while the yields on longer-dated US Treasurys rise. A no-intervention policy could send the Bitcoin prices lower as rising yields make holding/buying the US dollar more attractive.
So it appears, traders anticipated the move ahead of the meeting’s conclusion. Bitcoin dropped by almost 9 percent after setting up its record high. Nevertheless, the cryptocurrency avoided a steeper sell-off in hopes that stimulus beneficiaries would raise their bids on the BTC/USD rates.
Death Cross
Amid the ongoing intraday wobbling between profits and losses, Bitcoin formed a death cross.
In retrospect, Death Crosses appear when an asset’s short-term moving average …
Story continues on Bitcoinist

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