Bitcoin just lined up one of the ugliest signals you can get on a price chart — a death cross. The 23-day moving average (green) is bending down into the 50-day (blue), and the two are about to collide.
If that cross confirms, it usually means buyers lost the wheel, and the price gets dragged lower until it hits the next major anchor.
Right now, that anchor is the 200-day line at $100,483.
BTC is trading around $114,106 after an intraday swing under $113,000, but that bounce does not really change the setup.
Just two weeks ago, Bitcoin was pressing $124,000, only to collapse through $118,000 support and leave $119,991 as a brick wall overhead. Since then, every rally attempt has been weaker than the last, while the moving average curves turned into a brutal trap.
Main risk
The danger here is not just another dip; it is the market gravitating toward the 200-day, the one line that always pulls the price back when shorter averages roll over. A move down to $100,000 would not be some freak event but simply the math of the chart doing its job.
That level also wipes out almost the entire summer run, putting the whole bull narrative under heavy scrutiny.
Bitcoin has a habit of making the cross look scary only to turn back at the last minute. If the $112,000-$114,000 pocket holds in the coming days, the pattern might be denied, and the chart could reverse before the damage is done.