What are your thoughts about this bearish cross-over? Does it signify that Bitcoin hasn't endured it's bear market for long enough in both time & price in order for a recovery, or will we still see further downside?
My thought is that the developments on Bitcoin are complicated for now, so extreme patience is advised before the decision of the crypto would unveil. It is bearish in the long-term picture and threatens to sell further, but the steam is low, so it might have a lot of false breakout at the crossover level before a final decision would be made. The daily chart is not helping either, it has been creating more short candles, which signifies that the market is not ready for any definitive movements at the moment.
The answer to your question should be clearer in a couple of days after it might have break away from its sideways movement. However, I would support a reversal from the bearish crossover if there is a weekly close above it.