The death cross is a technical chart pattern that indicates a severe sell-off is imminent. When the short-term moving average of an asset crosses below the long-term moving average. At $39.2k, the Bitcoin price was rejected. After being rejected six times in the last two weeks, this level has turned into a powerful resistance zone. After already falling by 54% due to Elon Musk's energy FUD, a further 54% loss is projected if the death cross occurs.