Analyst: Bitcoin's 50-day SMA is at a critical position, a substantial breakout above $110,000 is needed to revive the short-term bullish outlook
ChainCatcher news, CoinDesk analyst and chartered market technician Omkar Godbole stated that the current Bitcoin price has fallen back to the 50-day simple moving average (SMA), which has provided support and pushed the price rebound twice this month.Therefore, this retest of the moving average provides bulls with an opportunity to establish a trend—allowing the 50-day average to serve as a springboard for a new round of increases. Conversely, if the 50-day average support fails, it could trigger stronger selling pressure, leading to a price drop below the $100,000 mark.From the market perspective, bearish forces seem to be prevailing. The strength of the recent rebound from the 50-day average has gradually weakened: during the first test of the average on June 5, Bitcoin rebounded over $10,000 from $100,500; while during the second test on June 17, the rebound was only from $103,000 to $109,000.The doji candlestick formed over the past week also indicates that bullish momentum above $100,000 has shown signs of fatigue. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110,000 with increased volume.