Bitcoin is at an important stage as it approaches the 50-week moving average (MA50), acting as a crucial support level.
The Key Role of MA50 Level
According to analyst Captain Faibik, the 50-week moving average at $75.7K is crucial support. Holding this level could propel Bitcoin towards $120K; however, breaking it might trigger a retest of the $54K-$55K support zone.
Technical Details on Bitcoin
Data shows that Bitcoin remains in an ascending channel, reflecting structured market movements. The price recently hit resistance at the upper boundary and retraced downward. Currently, Bitcoin trades at $84,490, a 4.19% loss in the current session. The moving average continues to slope upward, confirming the long-term bullish configuration.
Forecasts and Possible Scenarios
Bitcoin's future trajectory depends on its reaction to the MA50 level. A bounce at this level could push it above $100K. However, breaking below MA50 could shift momentum, and if selling pressure increases, Bitcoin may retest the $54K-$55K support zone. While Bitcoin stays in the ascending channel, the long-term trend remains positive but could change upon breaking critical levels.
The current market situation provides important signals for traders. Sustaining the MA50 levels remains crucial for continuing Bitcoin's long-term bullish trend.
