#MyTradingStyle Bitcoin faces a crucial test at the 50-day moving average

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According to Odaily, CoinDesk analyst and Certified Market Technician Omkar Godbole has pointed out that the price of Bitcoin has returned to the 50-day simple moving average (SMA), which has provided support and driven price rebounds on two occasions this month. This latest test of the SMA offers bulls an opportunity to establish a trend, potentially using the 50-day average as a springboard for a new rally. Conversely, if the support at the 50-day SMA fails, it could trigger stronger selling pressure, leading to a drop below the $100,000 mark.

Market analysis suggests that bearish forces are currently dominant. The strength of the recent rebounds from the 50-day SMA has been diminishing. On June 5, Bitcoin rebounded more than $10,000 from $100,500 after testing the SMA for the first time. However, during the second test on June 17, the rebound was only from $103,000 to $109,000. A doji candlestick pattern formed during the last week also indicates a weakening of bullish momentum above $100,000.

To revive short-term bullish prospects, Bitcoin needs to surpass the key resistance level of $110,000 with an increase in trading volume.