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McGlone explained that Bitcoin was climbing against gold the last time the S&P 500 e-mini future crossed above its 50-week moving average in November, but now the Bitcoin/gold cross is falling. The slumping Bitcoin/gold cross, in contrast to the S&P 500's performance, might indicate a potential reversal in risk assets that could have far-reaching consequences.At the time of writing, BTC was down 3.29% in the last 24 hours to $60,779 as the crypto market faced selling pressure. According to crypto analyst, Bitcoin currently trades at a crucial level; failure to hold at $60,000 may result in selling to $55,000 or $52,000, after which the rising trend continues.
Measured from the above $73,000 all-time high reached in mid-March, Bitcoin prices fell by nearly 20%, which is the deepest correction on a closing basis since the FTX lows in November 2022. Howbeit,deduces that this macro uptrend might be one of the most resilient in history, with comparatively shallow corrections thus far.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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