The price of the cryptocurrency has dropped back to its simple moving average (SMA) of 50 days. Thus, the bulls have a chance to create a trend in which the 50-day SMA propels new legs higher in the most recent retest of the average.
On the other hand, a decline below $100,000 might result from increased selling pressure triggered by the 50-day SMA support's decline.
Given the recent shallow bounces from the 50-day SMA, which are indicative of bull weariness, the bear argument looks solid at the time of writing. On June 5, the average's initial test resulted in a bounce from about $100,500 to about $10,000.
However, prices barely recovered from $103,000 to $109,000 in the second test of the SMA on June 17.
