In accordance with Bitcoinist, Bitcoin (BTC) has recently broken below the 50-week Simple Moving Average (SMA), a critical technical support level that had held since early 2023. The drop, which saw prices fall nearly 10% in a week, has raised concerns about a potential bear market. Analysts suggest the move could signal a shift in trend, with the former support now acting as resistance around $102,868. The price action has drawn comparisons to MicroStrategy (MSTR), which also broke its 50-week SMA before a prolonged decline. Meanwhile, some analysts highlight potential opportunities in Bitcoin Layer-2 projects like Bitcoin Hyper (HYPER), which may benefit from increased demand during market downturns.
Bitcoin Breaks Key 50-Week SMA Support, Bearish Signals Emerge
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