Bitcoin's rich list has accumulated 80,000 BTC since the May 19 crash.
Pessimistic news isn’t stopping the crypto spot markets from looking bullish Wednesday.
“Traders have certainly lost the appetite for bitcoin in this uncertain market environment,” Arcane Research wrote in a report.
A death cross occurs when the 50-day moving average crosses below the 200-day moving average.
Oversold readings suggest limited upside for BTC towards $36K.
The cryptocurrency is up from a low price of about $31,000.
Ether is providing some with hope as its momentum, in the form of volume, continues to beat bitcoin for the 10th straight day.
The declining futures premium indicates uncertainty about bitcoin following a 35% correction in May and another 12% drop already this month.
"This traditionally bullish signal should be interpreted with caution and in the context of other indicators," one analyst said.
BTC will need to remain above $30,000 to avoid entering bear market territory.
Momentum has deteriorated, supporting a lower high compared with May's peak.
Bitcoin continues its descent amid whispers of U.S. Federal Reserve tapering economic stimulus and China's ongoing pressure on crypto miners.
El Salvador's announcement was largely ignored by markets, possibly due to the country's small size, analysts say.
Ether’s dominance is at 19.78%, the highest it has been since May 16.
Binance led competitors in May with a monthly trading volume of $2.46 trillion, up 49% from April levels.