Bitcoin's (BTC) decline gathered pace Thursday, sending prices under the 200-day simple moving average (SMA), a good indicator of long-term trends in both traditional and crypto markets.
BTC's latest break below the 200-day line has put the focus on the bull market trendline support at $57,590.
"From the current position, a 12% drop to $51.5k (February consolidation area) is more likely than the same amount of growth to $65.8k (50-day MA)," Kuptsikevich said.
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