Analyst: Bitcoin retests 50-day moving average, if it fails, it may fall below $100,000

Odaily Planet Daily News CoinDesk analyst and chartered market technician Omkar Godbole said that the current Bitcoin price has fallen back to the 50-day simple moving average (SMA), which has provided support and driven price rebounds twice this month. Therefore, this retest of the moving average provides bulls with an opportunity to establish a trend-making the 50-day moving average a springboard for a new round of gains. On the other hand, if the 50-day moving average support is lost, it may trigger stronger selling pressure, causing prices to fall below the $100,000 mark. From the market point of view, the short forces seem to have the upper hand. The recent rebound from the 50-day moving average has gradually weakened: when the moving average was tested for the first time on June 5, Bitcoin rebounded by more than $10,000 from $100,500; while the second test on June 17, the rebound only rose from $103,000 to $109,000. The cross star candle chart formed in the past week also shows that the bullish momentum above $100,000 has become exhausted. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110,000 on a large volume basis. (CoinDesk)