A bearish "death cross" signal, in which the short-term moving average crosses below the long-term moving average, has flashed on Bitcoin's hourly chart, sparking speculation on BTC's short-term price trajectory.
The hourly moving average 50 has fallen below the hourly moving average 200 on the Bitcoin hourly chart, indicating a "death cross." Bitcoin reacted to the hourly "death cross" formation by initially bucking the trend, but as of recently, it marked two hourly red candles.
BTC/USD Hourly Chart, Courtesy: TradingView
At the time of writing, BTC was up 0.94% in the last 24 hours to $103,850, as the broader crypto market recovered slightly following yesterday's drop.
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Bitcoin price continues to consolidate within a relatively tight range between $100,703 and $105,787. The sideways movement shows that the market is still uncertain, with bulls and bears in a deadlock.
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While death crosses typically hint at potential downside, especially on higher time frames, the hourly version often signals short-term weakness rather than a significant trend shift. Traders will now look for a confirmed break above or below the current range to determine BTC’s next move.
What's next for BTC price?
Bitcoin has been oscillating in a range for the last few days (since May 9), suggesting a balance between supply and demand. The BTC price has remained above the psychologically important $100,000 barrier, indicating that the bulls are holding onto their positions as they anticipate another move higher.
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A break above $105,787 may reignite bullish momentum. If this happens, Bitcoin may target $120,000, as some analysts forecast.
However, continuous inability to push the price over the all-time high of $109,114 may entice short-term purchasers to book profits. That puts the $100,000 support at risk of failing. A dip below the present support area of $100,703 may pave the way for a deeper correction.
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