(Bloomberg) -- After a slew of news related to renewed crackdowns from China triggered a Bitcoin selloff, chartists and analysts are turning to a sinister-sounding technical signal. The original cryptocurrency has formed a death cross, meaning its average price over the last 50 days fell below that of its 200-day moving average. Indeed, Bitcoin’s marking of a death cross in March 2020 proved no impediment to gains as it turned higher and formed a golden cross (when the pattern is reversed) two months later. But a death cross in November 2019 saw the coin trading lower one month later. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.
