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Bitcoin (BTC) Flashes Warning Signs – 50-Day SMA Becomes Critical Support
The price of Bitcoin has started a downside correction below $118,000, which could be a sign that the cryptocurrency is about to experience more losses. However, in order for this potential decline to continue, it’s essential to stay above the $112,000 support level.
In recent analysis, it was observed that the BTC/USD pair had been trending upward from the $98,579 swing low to the $123,120 high. This growth has resulted in a 23.6% Fib retracement level being breached, causing the price to decline below the $121,500 and $120,000 levels.
It’s crucial for Bitcoin bulls to maintain their position above the $112,000 zone and the 50-day simple moving average (blue). If they can’t manage this, a fresh increase may not be possible.
Source: coinchapter.com
