According to market coverage from Rekt Capital, Bitcoin’s 21-week EMA fell below the 50-week EMA. The crossover completed at the latest weekly close and signals a bearish shift.
The same crossover last occurred in April 2022. That cycle hit a macro bottom roughly seven months later at $15,600.
The event aligns with recurring four-year cycle patterns and resembles textbook bear market indicators. Traders note the timing matches the 2022 bear market sequence.
Separately, Daan Crypto Trades told followers Bitcoin now trades against silver at FTX collapse levels. $BTC is now trading at FTX collapse levels relative to $SILVER.
It has also taken silver about half the time to make this move, compared to BTC’s entire bull trend this cycle. We’re getting to 2017-2020 levels on the BTC/Silver ratio.
The post noted both Bitcoin and silver have gained versus the U.S. dollar since that period, pointing to fiat depreciation. Earlier this month, an analysis argued Bitcoin had lost its battle to beat gold as a hedge against fiat debasement.
Reported bottom targets include a battle for $65,000.
