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Bitcoin’s Impending ‘Death Cross’ May Trap Bears as Bank of Japan Eases Rate Concerns

By FXCOINZ Editorial

07/08/2024

Bitcoin’s impending “death cross,” a bearish technical pattern, might again act as a contrary indicator, suggesting renewed bullish momentum as the Bank of Japan (BOJ) downplays the likelihood of a near-term rate hike. BOJ Governor Shinichi Uchida’s comments on maintaining monetary easing amid market volatility have bolstered investor confidence, causing Bitcoin to firm up above $57,300 and easing fears of a continued unwinding of “yen carry trades.”