(BTCTraditional chartists are familiar with the Jan. 8 trading pattern that drew a large number of traders. It is known for its ability predict future losses.

Detail: The 50-day exponential moving mean (50 day EMA) of the cryptocurrency fell below its 200 days exponential moving median (200-day EMA), forming a “death cross”. As Bitcoin suffered a severe downturn in two months prior, its record-breaking high of $69,000 was broken by a 40% drop.