Bitcoin fell to the 50-day SMA support price from the previous rebound, and a break below may trigger selling pressure.

Gate News bot message, the Bitcoin price has fallen back to its 50-day Simple Moving Average (SMA), which has provided support twice this month, leading to a rebound.

Therefore, the recent retest of the SMA has provided bulls with an opportunity to establish a 50-day SMA support level, pushing prices further up. Conversely, a break below the 50-day SMA support could trigger stronger selling pressure, potentially leading to prices dropping below $100,000.

As of the time of writing, bearish reasons seem quite strong due to the exhaustion of bulls, which can be seen from the shallow rebound of the 50-day SMA recently. During the first test of the SMA on June 5, the price rebounded from around $100,500 to over $100,000. However, during the second test of the SMA on June 17, the price only rebounded from $103,000 to $109,000.

The Doji candle from the past week also suggests a weakening bullish trend above $100,000. A strong trading volume is needed to break through $110,000 to restore the current bullish outlook.

Source: CoinDesk