Bitcoin Retreats Below Key Technical Level
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Bitcoin has retreated to approximately $93,000, marking a correction from last week's significant price spike. This pullback has seen the asset fall back below the 50-day Exponential Moving Average (EMA50), a key technical indicator often monitored by traders for trend strength. The breach places the anticipated golden cross—a bullish signal formed when a shorter-term moving average crosses above a longer-term one—in a precarious position, potentially delaying or negating its formation if the downward pressure persists.
Market analysts are observing whether this correction represents a healthy consolidation after rapid gains or the beginning of a more pronounced bearish phase. The failure to hold above the EMA50 suggests near-term weakness, though the broader uptrend remains intact unless further support levels are decisively broken. Traders are advised to monitor volume and subsequent price action around the $90,000-$92,000 zone for clues on directional bias.
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