Bitcoin Stuck in Death Cross Formation as Zcash Shows Signs of Recovery

Bitcoin's price action has been range-bound recently, stuck in a death cross formation that indicates a bear trap may be forming.

The cryptocurrency market leader has been dealing with fears of quantum and AI threats, including a $130 million Coldcard wallet exploit and CNBC's Jim Cramer saying he's dumping his BTC over quantum-computing fears.

Zcash, on the other hand, is showing signs of recovery after its Ironwood upgrade was activated last week, reworking the network's privacy backbone.

Bitcoin's price has been stuck in a $60,000-$67,000 range since July and early August, with a recent move up to $64,656. However, this move looks like a relief rally rather than a trend reversal, as Bitcoin is still below its long-term average of $66,500.

The Relative Strength Index (RSI) for BTC is 53.5, just above the neutral 50 line, and the Squeeze Momentum indicator is on, showing that something is building up. However, this can often resolve in the direction of the prior trend rather than reversing it.