Bitcoin and Ethereum Price Analysis: Death Cross and Market Downtrend Signal Continuing Bearish Momentum
Bitcoin (BTC) has dropped to around $88,605, marking a roughly 4% decline from $92,911 and reaching a seven-month low. The 50-day exponential moving average (EMA) has crossed below the 200-day EMA, forming a death cross that signals bearish momentum. BTC remains below both EMAs, with an RSI of 27.12 indicating it is oversold. The ADX stands at 38.25, pointing to a strong downtrend, while the Squeeze Momentum indicator shows bearish impulse.
Market sentiment is also bearish on Bitcoin, with 73.3% of the money on the Myriad prediction market betting on further declines toward $85,000. Strong support lies around $84,451, with a major level near $71,486. A reclaim of the $88,000-$89,000 range could potentially shift the market bias toward recovery.
Ethereum (ETH) has fallen about 6.7% to around $2,911. Despite the 50-day EMA still being above the 200-day EMA (a golden cross), the price currently trades below both, risking a future death cross. ETH's ADX at 42.4 and RSI of 30.92 also suggest a strong downtrend with near-term oversold risk. Key support levels for ETH are at $2,700–$2,800, corresponding to the 200-day EMA, and $2,300, while resistance is noted at $3,100 (50-day EMA) and $3,562.
Market predictions show 67% of Myriad bets expect Ethereum to fall to $2,500 or lower. The remaining 33% target a rebound to around $4,000, which would require ETH to reclaim the $3,100–$3,200 range and break through several resistances.
The broader crypto market context reflects notable caution. Bitcoin has declined over 20% in the last 30 days, with the total cryptocurrency market capitalization around $3.04 trillion. The Fear & Greed Index is at 16, signaling extreme fear among investors. Expectations for a December Fed rate cut are diminishing, and significant outflows from Bitcoin exchange-traded funds, such as $523 million withdrawn from BlackRock's ETF in a single day, underscore cautious investor sentiment.
