PANews, June 5 - According to CoinDesk, the 50-day Simple Moving Average (SMA) for Bitcoin has surpassed the previous high of approximately $99,300 on January 31, which analysts view as an indicator of market trends and potential supply-demand areas. This new high in the average line appeared a few weeks after the spot price peaked at $111,000 on May 22, likely due to strong inflows into spot ETFs and a shift of funds from U.S. assets. However, the subsequent increase has stagnated, with the price falling back to $105,000, reducing the gap with the 50-day SMA, indicating a weakening upward momentum and reduced buying pressure, along with an increased risk of correction. This cautious attitude aligns with an increase in profit-taking by holders observed in on-chain data. Although this gap remains positive, it has been narrowing since May 22, suggesting that bullish momentum is waning. A potential correction may find support at the 50-day Simple Moving Average of $100,295. A similar pattern was also observed last December, marking the exhaustion of the upward trend above $100,000. This gap ultimately turned negative in February, triggering several weeks of sell-off to $75,000.
