Bitcoin Falls Below its 200-Day Moving Average
The price of Bitcoin continued to drop for a third consecutive day, falling below the 200-day simple moving average. The 200-day SMA is a significant indicator in both traditional and crypto markets, reflecting long-term price trends.
During European trading hours on Thursday, BTC dropped below the 200-day SMA level of $58,492 and reached a low of less than $57,300.
This price was last seen on May 2, according to data from TradingView. When a market consistently trades below the 200-day SMA, it is considered to be in a downtrend. Conversely, markets that trade above the average are considered bullish.
BTC surpassed the 200-day SMA in October, when the average value was $28,000. This breakout, fueled by anticipation for a spot Bitcoin ETF in the US, led to a rally to record highs above $70,000 by March.
