Bitcoin reaches a 50-day moving average, which is believed to be a major support level
Following a rapid price increase, Bitcoin, the first cryptocurrency, has broken through numerous important resistance levels, which made the majority of market participants feel euphoric and led to a shift in sentiment. Due to the absence of buying pressure, Bitcoin has failed to break through the 100-day moving average, which stood at $45,800, and retraced to the $43,500 zone, testing its 50-day moving average.
The only problem with the current state of the market is the absence of a “golden cross” signal on the daily Bitcoin chart. A 50-day moving average usually acts as support after crossing a 200-day moving average. The “golden cross” is considered as an indication of a long-term trend change.
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