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Bitcoin Stalls at 50 EMA, Can It Recover and Spark a New Rally?
By Arman Shirinyan
Bitcoin has recently dropped to the 50 exponential moving average (EMA), which is a critical support level. This development could be seen as a worrisome sign by many crypto enthusiasts, especially considering its impressive gains over the past few months.
At first glance, this performance is rather disappointing for a cryptocurrency that has seen exponential growth in the past. However, it’s essential to keep in mind that Bitcoin is not immune to pullbacks and corrections, which are an integral part of any asset’s price action.
A recovery from this point might be enough to boost self-esteem and even spark a new rally. Nevertheless, if Bitcoin fails to recover and instead continues its decline below the 50 EMA, it could set a negative tone for the upcoming months.
Source: u.today
