TechFlow news, the 200-day simple moving average (SMA) of Bitcoin (BTC) price is about to lose bullish momentum. According to TradingView data, since late August, this indicator has increased by less than $50 per day on average, significantly lower than earlier levels this year. Currently, the indicator stands at $63,840, while the spot price of Bitcoin is $55,880. Analysts note this could signal a pause in the trend or a shift toward bearishness. Short-term moving averages have peaked and turned downward, with the 100-day SMA falling below the 200-day SMA, confirming a bearish crossover.
FxPro analyst Kuptsikevish said Bitcoin's key support level is slightly above $54,000. Several market observers, including former BitMEX CEO Hayes, expect Bitcoin could fall to $50,000. The upcoming U.S. nonfarm payrolls report may trigger price volatility. Weak employment data could heighten recession concerns and increase the likelihood of Fed rate cuts, potentially providing support for Bitcoin.
