According to PANews, Bitcoin's 50-day simple moving average (SMA) has exceeded its previous high of approximately $99,300 set on January 31, as reported by CoinDesk. Analysts view this metric as an indicator of market trends and potential supply-demand zones. The new high in the SMA occurred weeks after the spot price peaked at $111,000 on May 22, driven by strong inflows into spot ETFs and a shift of funds from U.S. assets. However, the price has since stalled, retreating to $105,000, narrowing the gap with the 50-day SMA, which suggests a weakening upward momentum and reduced buying pressure, increasing the risk of a pullback.
This cautious sentiment aligns with on-chain data showing an increase in profit-taking by holders. Although the difference between the spot price and the SMA remains positive, it has been narrowing since May 22, indicating a diminishing bullish trend. A potential pullback might find support at the 50-day SMA level of $100,295. A similar pattern was observed last December, marking the exhaustion of the upward trend above $100,000. The difference eventually turned negative in February, leading to several weeks of selling down to $75,000.