Bitcoin formed a 'Death Cross' trading pattern on Jan. 8 that is widely watched by traditional chartists for its ability to anticipate further BTC price losses.

In detail, Bitcoin's 50-day exponential moving average (50-day EMA) fell below its 200-day exponential moving average (200-day EMA), forming a so-called “death cross.” The pattern appeared as BTC underwent a rough ride in the previous two months, falling over 40% from its record high of $69,000.

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