Bitcoin (BTC<\/a>) stayed motionless at the Feb. 6 Wall Street open as analysis showed an \u201cinteresting dynamic\u201d in play on BTC price charts.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it ignored the start of United States equities trading to stay near $22,800.<\/p>\n The pair had seen flash volatility into the weekly close, abandoning levels nearer its six-month highs above $24,000.<\/p>\n Bitcoin thus worried market participants as the week began, with an increasing number eyeing a potential retest of $20,000 or lower.<\/p>\n For on-chain monitoring resource Material Indicators, attention now turned to two classic chart features<\/a>: a \u201cgolden cross\u201d on daily timeframes and a \u201cdeath cross\u201d on weekly timeframes.<\/p>\n Representing interplay between the 50- and 200-day moving averages, golden and death crosses traditionally indicate upcoming bullish and bearish moves, respectively.<\/p>\n Such is their notoriety<\/a> that automated trading tools may buy or sell as required should one or both events occur.<\/p>\n \u201cAt the moment it occurs, a Golden Cross on the Bitcoin D chart could trigger some buying. Likewise, a pending Death Cross on the W chart will trigger some algotrading bots to sell,\u201d Material Indicators wrote<\/a> in a tweet on the day.<\/p>\n It also highlighted upcoming comments from Jerome Powell, chair of the U.S. Federal Reserve. Due on Feb. 7, cues over inflation policy present in Powell\u2019s words could easily move markets.<\/p>\n Continuing on the chart crosses, Material Indicators co-founder Keith Alan described them as an \u201cinteresting dynamic evolving.\u201d<\/p>\n \u201cBitcoin is headed for an eminent Golden Cross on the D chart which is short term bullish and could trigger some TA algos to buy. We are also headed for a Death Cross on the W chart which is longer term bearish,\u201d he stated<\/a> in his own tweet.<\/p>\n On the macro, U.S. stocks were down slightly at the open, with the S&P 500 and Nasdaq Composite Index losing 0.8% and 1.1%, respectively. Asian stocks had also finished the day lower.<\/p>\n Related:\u00a0Is BTC price about to retest $20K? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n The U.S. Dollar Index (DXY), meanwhile, continued its rebound in a move threatening to pressure risk assets further.<\/p>\n The Index traded above 103.6 at the time of writing, its highest since Jan. 9, as analysts began to fear for the health of the crypto rally.<\/p>\n \u201cIt appears the dollar is attempting to reclaim its yearly uptrend,\u201d popular trader and analyst Roman summarized<\/a>.<\/p>\n \u201cThis is bad news for crypto & stocks because it will indicate a pullback \/ continuation of bear market. This week is very important. A reclaim of trend, $SPX loses 4100, & I turn back to macro bearish.\u201d<\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/173e0e36-b6df-4562-ba73-de447fe2d177.png\")
Bitcoin: Golden cross meets death cross<\/h2>\n
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Dollar strength rebounding is \u201cbad news\u201d for crypto<\/h2>\n
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