Bitcoin Sees Historic Death Cross On 3-Day Chart — | Crypto News
Market analyst Ali Martinez highlights a current development on the Bitcoin 3-day chart with important bearish implications. The main cryptocurrency still trades just below the $70,000 mark following the short-term breakout earlier this week. Bitcoin has now spent an overwhelming majority of the last month within the $60,000 – $70,000 price vary, after costs crashed to a new market low in late January/early February amid the prolonged bearish season.
Bitcoin Set For Another Leg Down?
In an X post on March 6, Martinez shares a key macro insight on the Bitcoin price trajectory, utilizing historic data from the 3-day trading chart. The seasoned analyst explains that the formation of a specific death cross has constantly preceded the ultimate price drawdown in the market cycle. Generally, the death cross represents a bearish technical indicator where a short-term transferring average falls below the long-term transferring average, indicating that current price momentum has weakened relative to the longer-term pattern, and there’s rising promoting stress coupled with a potential extended downturn.
The common model of the death cross seems when the 50-day transferring average crosses below the 200-day transferring average, and is a key bearish indicator in the Bitcoin market, according to observations shared by Martinez. In 2013, Bitcoin had notably crashed by 72% before the 50/200 SMA death cross appeared. Thereafter, the market chief recorded an further 52% price fall, before reaching a price backside.
Bitcoin $BTC 3-day chart has been one of the most important timeframes from a macro perspective.
What issues most for me in this timeframe is the interplay between the 50 and 200 simple transferring averages.
— Ali Charts (@alicharts) March 6, 2026
An identical sample is noticed in 2017, when Bitcoin declined by 67% from its market peak before the looks of the death cross, which triggers an further 50% crash. For the last market cycle, the 50/200 SMA death cross appeared in May 2022, when Bitcoin was prominently down by 58% from its cycle top. Thereafter, BTC traders would expertise another 46% devaluation.
According to data from CoinMarketCap, Bitcoin is presently down by 45.62% from the current cycle high of $126,100 following an prolonged bearish section that has lasted since October. Notably, price motion has also minted another death cross on the 3-day chart, indicating a potential major draw back may happen based on precedents. In this case, Bitcoin might fall by an further average 49% to set up a potential backside around $33,500. However, Martinez warns that this price setup gives no bearish guarantee, but only historic alignment with macro backside formations.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $68,235 following a 4.21% decline in the last 24 hours. Following current optimistic price motion, the maiden cryptocurrency is up by 3.59% on its weekly chart. However, Bitcoin stays far off a bullish turnaround as indicated by current losses of 4.49% on the month-to-month chart.
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