Bitcoin’s 50-day moving average is in focus after the cryptocurrency fell 11% from a 10-month high of $31,000 it hit last week. The decline has brought attention to bitcoin’s 50-day simple moving average, which now sits at $27,244. According to Alex Kuptsikevich, senior market analyst at FxPro, a potential violation of the 50-day SMA support would challenge the bullish market sentiment. “The market has erased its previous growth momentum and is now testing the strength of the medium-term uptrend in the form of the 50-day moving average,” Kuptsikevich said in an email. “A break below this would call into question the bull market’s strength, while a consolidation below $26,600 could be the prologue to a more profound decline.”
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- Source: https://www.coindesk.com/markets/2023/04/25/first-mover-americas-coinbase-seeks-clear-answers-from-sec/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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