The 50MA is a commonly used technical indicator that represents the average closing price of an asset over the past 50 days. As a lagging indicator, it helps traders identify the prevailing market trend. When the price remains above the 50 MA, it typically signals a bullish trend, while a move below the 50 MA may indicate bearish momentum or a potential trend reversal.\n<\/p>\n
![\"Bitcoin\"](\"https:\/\/pbs.twimg.com\/media\/Gt9VVoEXYAAqBy5?format=jpg&name=4096x4096\")
Interestingly, Melker notes that Bitcoin last lost the 50 MA as a support zone in early February trading around $100,000. However, the loss of this price floor triggered an immense selling pressure forcing Bitcoin into prolonged market correction to reach market low of $74,000 in April. <\/p>\n
Amidst the current market uncertainty, the recent daily price close below 50 MA strengthens bearish sentiments suggesting Bitcoin is due for another potential 26% crash. In that case, investors could expect a downside target of around $76,200. To invalidate such bearish projections, Bitcoin must continue to hold above the $100,000 resistance level, fueling the chances to retest the current all-time high, and perhaps re-enter price discovery mode.\n<\/p>\n
Bitcoin Price Overview\u00a0<\/b><\/h2>\n
At press time, Bitcoin is trading at $102,889 after a 1.43% decline in the last day. In tandem, the asset\u2019s daily trading volume has crashed by 29.30% and is presently valued at $35.15 billion. With a market cap of $2.02 trillion, the \u201cdigital gold\u201d continues to rank as the largest cryptocurrency and fifth largest asset in the world. <\/p>\n