Bitcoin forms ‘death cross’, hinting at more pain to come

Its average price over the last 50 days has fallen below that of its 200-day moving average, a sign of impending losses.

After a slew of news related to renewed crackdowns from China triggered a Bitcoin selloff, chartists and analysts are turning to a sinister-sounding technical signal. The original cryptocurrency has formed a death cross, meaning its average price over the last 50 days fell below that of its 200-day moving average. The indicator is typically seen as a closely-watched technical measure that could offer a hint at more pain to come. Many analysts had anticipated the coin, amid a recent downturn that’s seen it lose 40% over the past two months, would form the grim-sounding pattern.