BTC/USD Signal Today 11/03: Risk As Death Cross Nears -Chart

(MENAFN- Daily Forex) Bearish viewSell the BTC/USD pair and set a take-profit at 73,750 a stop-loss at 84,000: 1-2 days viewBuy the BTC/USD pair and set a take-profit at 84,000 a stop-loss at 73,750 BTC/USD pair continued its freefall this week, falling to its lowest level since November 2024 as demand waned. bitcoin price fell to $78,500, much lower than the year-to-date high of $109,200. Other cryptocurrencies like Ethereum, XRP, and Cardano also continued their downward trend price crashed as demand among investors waned. For example, the cumulative total inflow in spot Bitcoin ETFs continued falling, reaching $36 billion. They have shed over $4 billion in the past few months. Similarly, Ethereum ETF outflows have continued rising, a sign that demand is waning. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });\u0022 dir=\u0022auto\u0022 id=\u0022content-1686574122635\u0022\u003E Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Bitcoin\u0026rsquo;s crash coincided with the ongoing sell-off in the stock market, where the Dow Jones, S\u0026amp;P 500, and Russell 2000 indices fell by almost 2%. The tech-heavy Nasdaq 100 index plunged by over 3.8%, while the VIX index jumped by over 15%.This decline is mostly associated with Donald Trump\u0026rsquo;s actions that threatens to upend the global economy. Trump has implemented tariffs on most imported goods, risking a major recession in the US and other countries BTC/USD pair has also dropped after last week\u0026rsquo;s major events in which Donald Trump signed an executive order creating a digital Fort Knox made up of Bitcoin reserves. While this was a positive thing for the crypto industry, it will not lead to an immediate increase in Bitcoin purchases since it will only use Bitcoin in government\u0026rsquo;s custody coin also crashed as investors sold the news after his meeting with top executives last week. He met with senior officials from major companies like Coinbase, Tether, Kraken, and Gemini and discussed ways of regulating the industry. EURUSD Chart by TradingView BTC/USD technical analysisThe daily chart shows that the BTC/USD pair peaked at 109,200 earlier this year and has now crashed to 78,500. It has dropped below the key support level at 89,200, the neckline of the double-top pattern has crashed below the 50-day and 200-day Weighted Moving Averages (WMA) and the two lines are about to form a death cross pattern. A death cross often leads to further declines like the Relative Strength Index (RSI) and the MACD indicators have all pointed downwards. Therefore, Bitcoin price will likely continue falling as sellers target the key support level at $73,750, the highest point in March last year. More downside will be confirmed if the price moves below that support level.

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