BlockBeats reported on June 18 that CoinDesk analyst and Chartered Market Technician Omkar Godbole noted that the current Bitcoin price has retraced to the 50-day Simple Moving Average (SMA), a level that has provided support and led to price rebounds twice this month.
As such, the latest test of this moving average presents the bulls with an opportunity to establish a trend — using the 50-day SMA as a springboard for another upward move. Conversely, if the 50-day SMA support is breached, it could trigger stronger selling pressure and lead to a drop below the $100,000 mark.
From the market perspective, the bears seem to have the upper hand. The strength of the rebounds off the 50-day SMA has been weakening recently: during the initial test of the SMA on June 5, Bitcoin rebounded more than $10,000, climbing from $100,500. However, during the second test on June 17, the rebound only took prices from $103,000 to $109,000.
The doji candlestick pattern formed over the past week also indicates that bullish momentum above the $100,000 level is waning. To revive the short-term bullish outlook, Bitcoin needs a high-volume breakout above the critical $110,000 resistance level.
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