I woke up this morning to my regular news alerts, typically focused on business news from sources such as the Wall Street Journal, Reuters, and Bloomberg.
Bitcoin's ‘Death Cross’ Looms as Strategist Eyes $2,800 Level
You could see how this kind of headline would incite emotions (fear) simply by the wording and the cunning use of the term "Death Cross", something that other news outlets have written articles on (albeit, not pertaining to bitcoin); 'No one cares about the 'death cross'.
Not familiar with the term Death Cross? Here are two snippets from the articles:
Bitcoin’s 50-day moving average has dropped to the closest proximity to its 200-day moving average in nine months. Crossing below that level -- something it hasn’t done since 2015 -- signals fresh weakness to come for technical traders who would dub such a move a "death cross." Another moving-average indicator of momentum has already turned bearish.
The death cross is a technical signal that occurs when the 50-day moving average crosses through and below the 200-day moving average — and many interpret it as a signal of weakness ahead.
Now, while the article accurately states that technical chart analysis is driving many crypto day traders, the article fails to discuss any trends by major institutions, such as Goldman, who are still boosting their positions in the crypto space while everything is "on sale".
Call me a skeptic, but the surge in negative news about bitcoin seems manufactured. The use of language, vocabulary, and tone give away the author's sentiments right away and omit many counterpoints that would mitigate negative sentiment.
Now, more than ever, across all facets of life covered by news media (including politics) I strongly urge you, the readers, to be more critical and observant of how the stories are being positioned. Identify obvious biases and THINK through what information was provided and what has been left out.
