Crypto analysts are looking at bitcoin's 50-day moving average to offer cues about the next possible move in the leading digital asset. Reports godbole17.
Bitcoin has come under pressure of late amid weakness in technology stocks and an uptick in bond yields. The pullback has some analysts focusing on a key average of bitcoin's price for cues about the next possible move in the cryptocurrency.
According to Alex Kuptsikevich, senior market analyst at FxPro, a potential violation of the 50-day SMA support would challenge the bullish market sentiment. The 50-day SMA is one of the most widely-tracked technical lines in traditional markets and cryptocurrencies. Crypto analystsCharts show a potential break below the 50-day SMA would expose former resistance-turned-support at $25,200.
According to Katie Stockton, founder and managing partner at Fairlead Strategies, the SMA support may be fleeting and could soon pave the way to a deeper decline.
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