Bitcoin (BTC) is quietly leaning into one of the setups, which is not the typical flash headline or hype-driven breakout. No, what is taking shape is slower and less attention-grabbing, but potentially more telling: the risk of back-to-back death crosses forming on the daily chart.

Zooming in on the price chart, BTC is currently trading just above $76,000, not far from the local low it tested earlier this week. While the price is still within a relatively familiar range, the moving averages are starting to say something different. 

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The 23-day simple moving average has already slipped below the 200-day, and unless short-term momentum flips soon, it looks set to also cross under the 50-day SMA. That would mark the second bearish crossover in a row.

Source: TradingView

There is no need to call this a market collapse - it is not - but for traders who watch macro technicals, the alignment of these SMAs is a signal worth noting. It shows a loss of upward momentum that is now part of the medium-term price structure.

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The recent try to bounce back up to $84,000-$86,000, a spot with a bunch of overlapping averages, just made that idea more clear. Price was rejected on good volume, and the latest red candles have had greater participation, making it seem like the downside was not just a coincidence.

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Support sits nearby, but the question is whether buyers are prepared to step in ahead of another bearish crossover - or if they will wait it out. A hold above $74,000 could stabilize things for now. Anything below that, and the narrative might shift again.

For now, Bitcoin is not panicking. It is drifting - slowly, technically and possibly into a rare scenario that does not come with alarm bells but still makes the charts heavy to look at.

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