Bitcoin Death Cross - Result
Bitcoin death cross day arrives on Oct 25. However, there is no price drop to the $3,000 price level many predicted. Instead, Bitcoin’s price pumps from $7,443 to over $10,500 in only 12 hours (one of the largest increases at that time). There were many short liquidations that day which fueled the dramatic upward pump.
This is an example of a liquidity shortage causing a price spike. As many traders were in leveraged positions expecting a price decrease, and they are forced to close these positions as they get margin called.
Oct 25 Chart - Bitcoin Death Cross day.JPG