Bitcoin Sees Historic Death Cross on 3-Day Chart – What Does This Mean?
Market analyst Ali Martinez highlights recent developments on the 3-day Bitcoin chart with significant bearish implications. The leading cryptocurrency is still trading just below the $70,000 mark following a brief rally earlier this week. Bitcoin has now spent a remarkable majority of the last month between the $60,000 – $70,000 price range, after prices hit new market lows in late January/early February during an extended bearish season.
Has Bitcoin Put Another Leg Down?
In X’s post on March 6, Martinez shares key insights into Bitcoin’s price, using historical data from a 3-day trading chart. A seasoned analyst explains that the formation of a death cross has always preceded the last price decline in a market cycle. In general, a death cross represents a bearish technical indicator when the short-term moving average falls below the long-term moving average, indicating that recent price pressure has been weak compared to the long-term trend, and there is increasing selling pressure associated with a possible long-term decline.
The usual version of the death cross is seen when the 50-day moving average falls below the 200-day moving average, and is the main bearish indicator in the Bitcoin market, according to the opinion shared by Martinez. In 2013, Bitcoin crashed 72% before the death cross of 50/200 SMA appeared. After that, the market leader recorded a further price drop of 52%, before reaching the bottom of the price.
Bitcoin $BTC The 3-day chart has been one of the most important periods from a macro perspective.
Most important to me at this time frame is the interaction between the 50 and 200 moving averages.
– Ali Charts (@alicharts) March 6, 2026
A similar pattern was seen in 2017, when Bitcoin fell 67% from its market high before the death cross appeared, causing an additional 50% crash. In the last market cycle, the death cross of the 50/200 SMA appeared in May 2022, when Bitcoin fell by 58% from the top of its cycle. After that, BTC investors will experience another 46% drop.
According to data from CoinMarketCap, Bitcoin is currently down 45.62% from the current cycle high of $126,100 following the extended phase that has dragged on since October. Notably, the price movement has also produced another death cross on the 3-day chart, indicating that there may be a major downside potential based on what preceded it. In this case, Bitcoin could fall by an additional 49% to establish a potential bottom around $33,500. However, Martinez warns that this price setup does not provide a bearish guarantee, but only a historical alignment with the low macro structure.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $68,235 following a 4.21% decline in the last 24 hours. Following the recent positive price action, the first cryptocurrency is up 3.59% on its weekly chart. However, Bitcoin remains far from a bullish reversal as shown by the current loss of 4.49% on the monthly chart.
