Analysts: Bitcoin's 50-day SMA has become a key position, and a higher trade volumes breakthrough of $110,000 is needed to revive the short-term bullish outlook.

On June 18, CoinDesk analyst and chartered market technologist Omkar Godbole said that the current Bitcoin price has fallen back to the 50-day simple moving average (SMA), which has provided support and pushed the price back twice this month. Therefore, this retest of the MA provides an opportunity for the bulls to establish a trend - to make the 50-day EMA a a springboard for a new round of growth. Conversely, if the 50-day EMA support fails, it could trigger stronger selling pressure, causing the price to fall below the $100,000 mark. On the market, the bears seem to have the upper hand. The recent rally from the 50-day moving average has weakened: Bitcoin rebounded more than $10,000 from $100,500 when it first tested the moving average on June 5; On the second test on June 17, the rally only rose from $103,000 to $109,000. The Doji candlestick chart formed over the past week also shows that the bullish momentum above $100,000 has weakened. To revive the short-term bullish outlook, Bitcoin will need to break through the key resistance level of $110,000.