Bitcoin is approaching a "death cross" technical pattern, where its 50-day moving average crosses below its 200-day moving average, which is generally seen as a bearish signal. The Bank of Japan deputy governor said the central bank wouldn't hike interest rates when financial markets are unstable, weakening the case for the continued unwinding of "yen carry trades." Yen carry trades involve borrowing cheap yen and investing in higher-yielding currencies and assets. The BOJ comments mean limited downside for Bitcoin even as the death cross approaches. Bitcoin trading held strong as the yen weakened, while Japan's Nikkei and S&P 500 futures rose, indicating a shift toward risk.
