Bitcoin Charts 'Death Cross' After 47% Price Drop From 2019 High

View Bitcoin has charted a so-called death cross with recent the drop to $7,400.

The bearish cross comes as a result of the 47 percent slide from the 2019 high of $13,800, and as such is a lagging indicator.

Historical data shows BTC tends to bottom out after a death cross.

A long-term bitcoin price indicator has turned bearish, courtesy of the cryptocurrency's sharp drop in the last four months.

The 50-day moving average of bitcoin's price has crossed below the 200-day MA today, confirming a "Death cross" for the first time since March 31, 2018, according to Bitstamp data.

The long-term bearish cross is preceded by a sharp drop from the 2019 high of $13,880 seen on June 26 to the low of $7,293 seen on Oct. 23.

To put it another way, the death cross is the product of the 47 percent slide from the high of $13,880.

As seen above, the April 2014 death cross marked a major bottom in BTC from where the cryptocurrency rallied 100 percent.

The latest bear cross could also trap sellers, as prices have already dropped more than 45 percent.

BTC is showing signs of life on confirmation of the death cross.