💥💥💥 #bitcoin Drops Below 200-Day Average; #BullMarket Trendline in Focus
The focus is now on the trendline representing Bitcoin's surge from October lows.
Bitcoin's ($BTC ) decline accelerated on Thursday, pushing prices below the 200-day simple moving average (SMA), a key indicator of long-term trends in both traditional and crypto markets.
The #cryptocurrency fell beneath the 200-day SMA at $58,492 during European trading hours, hitting lows below $57,300—a level last seen on May 2, according to TradingView.
Markets trading consistently below the 200-day SMA are considered to be in a downtrend, while those above the average are deemed bullish. BTC rose past the 200-day SMA in October when the average value was $28,000. This breakout, driven by expectations for a spot #BitcoinETF in the U.S., led to a sharp rally to record highs above $70,000 by March.
This bull market can be identified by a rising trendline connecting the October and January lows. BTC's recent drop below the 200-day line has shifted the focus to the bull market trendline support at $57,590.
