Coinspeaker
Bitcoin Falls Below 200-Day Simple Moving Average to $57K
The price of Bitcoin (BTC) has seen a sizable fluctuation in the last 24 hours, raising speculations amongst investors. The leading cryptocurrency is currently trading at $57,534.24 with a 4.3% drop within the last 24 hours. This marks the third day of consecutive price fall for the digital currency and a drop below the 200-day Simple Moving Average (SMA).
Bitcoin Follows Downward Trend
Markedly, the 200-day SMA is a good indicator of long-term price trends in both traditional and crypto markets. During Thursday’s European hours, Bitcoin went below the average of $58,492 to less than $57,300. This price level was last seen on May 2, per data from TradingView. Usually, when the market trades below the 200-day SMA constantly, it is assumed to be following a downtrend pattern.
In contrast, those that trade above the average are considered as heading in a bullish direction. One such time was in October wh
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