Analyst: The 50-day and 200-day moving averages have formed a death cross, suggesting that the mid-term cryptocurrency market may continue to decline

ChainCatcher news, according to The Block, YouHodler Risk Manager Sergei Gorev stated that a "death cross" has formed between the two important moving averages of 50 days and 200 days. This suggests that despite a brief rebound, the cryptocurrency market may still continue to decline.

In addition, BRN analyst Valentin Fournier said: "The drop in Bitcoin's open contracts exceeded the token price drop, indicating that investor confidence and interest have declined due to continued high volatility. Trading volume is also lower than most weekends, suggesting that minor sell-offs did not receive strong bearish action support."