Analyst: The 50-day and 200-day moving averages have formed a death cross, indicating that the mid-term cryptocurrency market may decline further

ChainCatcher news, according to The Block, YouHodler risk manager Sergei Gorev stated that a "death cross" has formed between the 50-day and 200-day moving averages, indicating that despite a brief rebound in the cryptocurrency market, further declines may still be possible.

In addition, BRN analyst Valentin Fournier said: "The decline in Bitcoin open interest has outpaced the drop in token prices, indicating that investor confidence and interest have waned due to still high volatility. Trading volume is also below most weekends, suggesting that the slight sell-off is not supported by strong bearish action."