A Technical Cross That Sent Bitcoin 60% Lower Is Close to Forming

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Save for the rejection at $9,500, Bitcoin has held up rather well on a macro scale over the past few days. As of the time of this article’s writing, the leading cryptocurrency sits at $9,200, holding the support in the $8,500-9,000 region. Unfortunately for bulls, BTC is purportedly forming a signal last seen before the asset plunged 60% in March. This adds to the growing similarities between the market top earlier this year and the price action now. Bitcoin Forms Another Similarity to the February Highs Bitcoin has made a strong recovery since the capitulation lows of $3,700 established during March’s global liquidity crisis. Even after a healthy retracement from the local highs, the asset remains around 150% above its year-to-date lows. An analyst is starting to believe that another drop is likely, recently sharing the chart below. It shows an unnamed technical indicator (seemingly two moving averages) poised to…

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