Data: Bitcoin's 200-day moving average is about to lose its bullish momentum
The 200-day simple moving average (SMA) of Bitcoin (BTC) price is about to lose its bullish momentum. TradingView data shows that since the end of August, the daily increase in this indicator has been less than $50, far below the level earlier this year. The current indicator is at $63,840, while the spot price of Bitcoin is at $55,880. Analysts point out that this may indicate a pause or turn bearish in trend. The short-term moving average has peaked and declined, with the 100-day SMA falling below the 200-day SMA confirming a bearish crossover.
FxPro analyst Kuptsikevish stated that Bitcoin's key support level is slightly above $54,000. Several market observers including former BitMEX CEO Hayes predict that Bitcoin could fall to $50,000. The upcoming U.S non-farm employment report could trigger price fluctuations; weak employment data or heightened recession concerns increasing chances for Federal Reserve rate cuts might provide support for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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