This development is widely interpreted as a bearish signal and leads to catastrophizing – a cognitive distortion that prompts inexperienced traders to jump to the worst possible conclusion, often with limited information and understanding. Overreaction is typical, especially when sentiment is already sour, as in the BTC market. The cryptocurrency has dropped over 20% to $55,000 in one week, according to CoinDesk data.
Original Source: https://www.coindesk.com/markets/2024/08/06/bitcoins-unreliable-death-cross-is-looming-again/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
