Bitcoin Faces Crucial Test at 50-Day Moving Average
According to Odaily, CoinDesk analyst and Chartered Market Technician Omkar Godbole has noted that Bitcoin's price has returned to the 50-day simple moving average (SMA), which has twice provided support and driven price rebounds this month. This latest test of the SMA offers bulls an opportunity to establish a trend, potentially using the 50-day average as a springboard for a new rally. Conversely, if the support at the 50-day SMA fails, it could trigger stronger selling pressure, leading to a drop below the $100,000 mark.
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