Bitcoin Soared to Almost $63,000 Following Death Cross Rally

Bitcoin Surges to $63,000, Averts Death Cross

Bitcoin (BTC) rallied to $62,790 during Friday's Asian trading session, gaining 9.5% in 12 hours. The surge brought BTC back from an intraday low of $57,000 on August 8th.

Recovery After Dip Buying

The rally marks a 25% recovery from Monday's drop to $49,800. Bitcoin is now positioned to reclaim its range-bound channel and accumulation zone.

Death Cross Averted

Analyst Benjamin Cowen had predicted a rally into a "death cross," a bearish technical signal. However, the forecast did not materialize, as the death cross occurred and the market reversed.

2023 Rally Comparison

Cowen noted that Bitcoin rallied after the death cross in 2023, holding above its 50-day simple moving average (SMA). However, in 2022, the rally faded after the death cross.

Analysts Weigh In

Analysts have commented that the first death cross is not a major concern but that the second one should raise caution. Historically, the first death cross in a bull market has been followed by a significant rally, while the second has marked the start of a bear market.

Wider Market Trends

The broader cryptocurrency market has also experienced gains, with total capitalization rising 6% to $2.2 trillion. Ethereum (ETH) surged 9% to $2,700 before cooling to $2,630. Altcoins, including NEAR, PEPE, STX, TAO, and SUI, have posted double-digit gains.