Bitcoin Death Cross Sparks $800M Selloff, Bear Market Signals
Bitcoin death cross confirmed on November 16 as the 50-day SMA fell below the 200-day SMA, triggering a drop to $80,500—the lowest in six months. BTC also slipped under its 50-week and 100-week moving averages, invalidating long-term bullish structures. Onchain data show over $800 million in realized losses on a seven-day rolling basis, the highest since the 2022 FTX collapse, driven by short-term holders selling at a loss. The weekly SuperTrend indicator flipped bearish, reinforcing downward momentum. Historical patterns and failure to reclaim key moving averages suggest a deeper bear market, with analysts warning of a potential revisit to the April low near $74,500. Traders will watch for dip buying and recovery above cost bases as signals of any trend reversal.
Bearish
The confirmation of the Bitcoin death cross and a break below key moving averages signal sustained downward pressure. Realized losses exceeding $800 million indicate significant holder capitulation, especially among short-term investors. The weekly SuperTrend flip to bearish further reinforces negative momentum. Historically, death crosses often precede steep declines, and failure to reclaim cost bases typically confirms deeper bear markets. In the short term, traders can expect continued volatility and potential sell-offs, while the long-term outlook points to further downside risk toward April lows unless key technical levels are retaken.