The Dogecar has spun out of control and crashed — and the entire crypto market isn’t doing so hot, either, with prices plunging last night after Bitcoin hit a long-awaited “death cross“.
Stefan Parsons’ “Dogecar 2.0” hit the wall head-on during lap 69 Saturday’s NASCAR Xfinity Series race at Nashville Superspeedway in the US, narrowly missing two other vehicles.
I legit laughed for five straight minutes after the dogecoin nascar car crashed and finished sideways. Highlight of the month
— abhi (@notrektabhi) June 20, 2021
Parsons was uninjured, which is more than can be said for many crypto traders, after Bitcoin dropped to a week and a half low of US$33,430 around 10.30pm AEST yesterday after experiencing a “death cross” earlier in the day.
The original cryptocurrency had recovered somewhat by lunchtime today, changing hands at US$35,340, down 0.3 per cent from yesterday.
BTC has repeatedly found support at the US$33,000 level since the May 19 crash, but hasn’t been able to sustain a move over US$40,000.
Just seven of the top 100 coins are up over the past seven days, according to Coinmarketcap.
Ethereum was trading at US$2,215, after dipping under the US$2,250 level this weekend for the first time this month. It dipped as low as US$2,049 last night.
The death cross
On Sunday afternoon (Sydney time), Bitcoin’s price action hit a “death cross”, a technical indicator that sometimes means a further drop is imminent.
The pattern occurs when an asset’s 50-day moving average crosses below its 200-day moving average.
But Sunday’s dip wasn’t exactly the dramatic plunge some might have been expecting. (Of course, given how quick crypto markets move, that may happen as soon as moments after this writer’s editor presses “publish”).
Still, some were saying now that the death cross had occurred, it was time for Bitcoin to experience resurrection and rise, phoenix-like (or Jesus-like) from the ashes.
Historically, #BTC Death Crosses tend to precede further downside
But the Death Cross is only one tool
— Rekt Capital (@rektcapital) June 19, 2021
The Bulls will focus on historical #BTC Death Crosses that either didn’t precede much downside or preceded the entire 2020/2021 Bull Market
And the Bears will focus on historical $BTC Death Crosses that preceded significant downside
— Rekt Capital (@rektcapital) June 20, 2021
— Lark Davis (@TheCryptoLark) June 20, 2021
— AllThingsNFT (@allthingsNFT) June 20, 2021