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Bitcoin (BTC) Flashes Warning Signs – 50-Day SMA Becomes Critical Support
The cryptocurrency market is known for its unpredictability, and Bitcoin’s recent price action has raised concerns among investors. As the largest digital asset by market capitalization, any significant changes in its price can have a ripple effect across the entire ecosystem.
Bitcoin (BTC) started a downside correction below $118,000, leaving many wondering if this marks the beginning of a larger downturn or just a minor pullback. One thing is certain – the 50-day simple moving average (SMA) has become a critical level that will dictate the future direction of the market.
The 50-day SMA represents a line in the sand for Bitcoin’s bulls, as any close below this crucial support could trigger a fresh wave of selling pressure. The bears are closely watching this development, as it may signal the start of a new trend.
Bitcoin price consolidates above the $112,000 zone and the 50-day simple moving average (blue).
Source: coinchapter.com
