Bitcoin Price Fails to Convince Analysts as Death Cross Looms

Bitcoin's recent surge to a monthly high of $73,019 has sparked mixed reactions from analysts. While some predict a bull market comeback and new all-time highs, others warn that the bear market is far from over.

According to Keith Alan, co-founder of trading resource Material Indicators, Bitcoin's price weakness persists beyond short-term time frames. The analyst notes that the cryptocurrency faces substantial overhead resistance in the mid-$70,000 zone, with multiple trend lines converging on this area.

The 21-day simple moving average (SMA) sits at around $67,550, while the 50-day SMA is positioned at $76,350. Additionally, the 21-week and 100-day SMAs are situated at $88,000 and $87,300, respectively. These levels will likely act as significant barriers to any upward momentum.

Furthermore, a 'death cross' formation is impending, involving the 21-week and 100-week SMAs. This event would imply weaker recent price action compared to the longer-term trend, potentially setting the stage for a return to bear market conditions.