The crypto markets exhibited a sluggish pattern last week, with analysts making some dire predictions for the medium-term future.
Investors are concerned about the rise in interest rates and general negative sentiments about the economy.
Bitcoin is also suffering and is not ready for a bullish breakout.
The major cryptocurrency sees a 'death cross' as chart patterns indicate that a short-term moving average has broken below a longer-term moving average
For the first time in bitcoin's history, the cryptocurrency's 20-week moving average has fallen below the 200-week moving average.
It denotes a death cross, which occurs when the slower moving average crosses the faster moving average, usually indicating a bearish market.
In case you are not familiar, the moving average is simply a technical indicator that smooths price data by creating a continuously updated average price.
They often form the basis for other technical indicators, such as moving average convergence divergence.
Bitcoin often doesn't even reach close to its 200-week moving average, and the fact that the price does even that is a rare occurrence.
Generally, when this level is reached, it is followed by a period of strong price movement.