Analysts Predict Bearish Signal Using 50-day SMA as BTC Falls to $27k
Bitcoin has fallen from its 10-month high to $27,400. This pullback has some analysts focusing on a key Bitcoin price average, the 50-day simple moving average (SMA), to predict a potential bearish signal. In an interview, Alex Kuptsikevich, senior market analyst at FxPro, argued that a break below the 50-day SMA would challenge the bull market’s strength, adding that a consolidation below $26,600 could be the prologue to a more profound decline. In his words: The market has erased its previous growth momentum and is now testing the strength of the medium-term uptrend in the form of the 50-day moving average. A break below this would call into question the bull market’s strength. Katie Stockton, the managing partner at Fairlead Strategies, also weighed in on the conversation, stating that the SMA support could be short-lived and may lead to a more substantial decline. “Bitcoin is testing the 50-day SMA,” Stockton said, adding that “a minor level whe...