Bitcoin’s weekly chart is starting to look concerning… 😳

Taking a look at the moving averages, we can see that the VERY important 50 EMA and 20 EMA are on the verge of a death cross.

This would be the first time this cycle that the smaller 20 EMA crosses below the 50 EMA, while Bitcoin’s price is being held up by only the 100 EMA.

All of this is extremely concerning. Bitcoin has now closed 9 consecutive weekly candles below the 50 EMA, which is what’s causing this potential death cross. Historically, this has been an early warning signal before entering a true bear market.

I wouldn’t be surprised if price continues to hold strong near $90k for another few weeks, but it feels like we may just be prolonging the inevitable. Bitcoin’s price has barely bounced off the 100 EMA, which is the LAST major level of support. If we lose the 100 EMA, the next level to watch would be the 200 EMA near $67k.

So far, we have NOT seen this death cross occur, but it’s extremely important to keep a close eye on this chart and remain open minded to all possibilities.