Data: Bitcoin's 200-day moving average is about to lose its bullish momentum

2024-09-06 19:17:27

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ChainCatcher news, the 200-day Simple Moving Average (SMA) of Bitcoin (BTC) is about to lose bullish momentum. TradingView data shows that since the end of August, the daily average increase of this indicator has been less than $50, far below early-year levels. Currently, the indicator stands at $63,840, while the spot price of Bitcoin is $55,880. Analysts point out that this may signal a pause in the trend or a shift to bearish. The short-term moving averages have peaked and are trending downwards, with the 100-day SMA crossing below the 200-day SMA, confirming a bearish crossover.

FxPro analyst Kuptsikevish states that Bitcoin's key support level is just above $54,000. Several market observers, including former BitMEX CEO Hayes, expect Bitcoin to potentially drop to $50,000. The upcoming U.S. non-farm payroll report may trigger price volatility; weak employment data or heightened recession fears could increase the probability of a Federal Reserve rate cut, potentially providing support for Bitcoin.

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