Bitcoin {{BTC}} continues to decline, breaking below the 200-day moving average (SMA) for the first time since October. The cryptocurrency fell below its 200-day SMA at $58,492, hitting lows below $57,300. Markets that consistently trade below the 200-day SMA are considered to be in a downtrend. The focus now is on supporting the bull market trendline at $57,590. If the price closes below this level, it could lead to further selling and lower prices.