Leading cryptocurrency BitcoinAs investors wait for BTC to push higher after the coin climbs above $30,000. BTC It fell to the level of $ 27,000 with a sudden decrease.
While investors are wondering when the rise in Bitcoin will begin, analysts are in BTC. 50-day simple moving average (SMA) ($27,185) noted that it is important.
According to the report of Coindesk, some analysts said that to find clues about Bitcoin’s possible next move, one should focus on the 50-day SMA, a significant average of BTC price.
In this context, he mentioned the decline in BTC and the importance of the 50-day SMA. FxPro senior analyst Alex Kuptsikevich He noted that a potential breakout of the 50-day SMA could force BTC’s bullish momentum.
“The recent drop in Bitcoin has erased the previous growth momentum and now the 50-day SMA support, ie the strength of the medium-term uptrend, is being tested.
A break below the 50-day SMA support could question the strength of the bull market, while a consolidation below $26,600 could signal a deeper decline.”
50-day SMA BTC’Another analyst who thinks that it is an important criterion for the future of Katie Stockton, founder of Fairlead Strategies it happened.
Pointing out that the SMA support is temporary in a note to customers, Stockton stated that a break below this support may soon lead to a deeper decline.
“Bitcoin needs to form a short pause before it starts to drop towards key support i.e. $25,200 amid short-term oversold conditions.
The level at which this pause should occur is the 50-day SMA. And BTC is testing the 50-day SMA before it starts to drop towards $25,200.”
As analysts noted BTCThe 50-day SMA is the key point for the prediction of the potential next move of .
Analysts say a possible break below the 50-day SMA bitcoin He added that the protection of the 50-day SMA could herald a broader bullish outlook and a new uptrend.
The 50-Day SMA coincides with the levels of $ 27,185 as of now.
*Not investment advice.
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