ChainCatcher news, Bitcoin (BTC) price 200-day simple moving average (SMA) is about to lose bullish momentum. TradingView data shows that since the end of August, the average daily increase of the indicator has been less than $50, which is far lower than the level earlier this year. The indicator is currently $63,840 and the spot price of Bitcoin is $55,880. Analysts pointed out that this may indicate a pause in the trend or a turn to bearish. The short-term moving average has peaked and moved downward, and the 100-day SMA has fallen below the 200-day SMA, confirming a bearish crossover.
FxPro analyst Kuptsikevish said that the key support level for Bitcoin is slightly above $54,000. Many market observers, including former BitMEX CEO Hayes, expect Bitcoin to fall to $50,000. The upcoming US non-farm payrolls report may trigger price fluctuations. Weak employment data may strengthen recession concerns and increase the probability of a rate cut by the Federal Reserve, which may provide support for Bitcoin.
