Analyst: Bitcoin's 50 day SMA becomes a key position, reviving short-term bullish outlook requires increasing volume to break through $110000

According to BlockBeats, on June 18th, Omkar Godbole, an analyst and licensed market technology expert at CoinDesk, stated that the current Bitcoin price has fallen back to the 50 day Simple Moving Average (SMA), which has provided support twice this month and driven price rebounds. Therefore, this retest of the moving average provides an opportunity for bulls to establish a trend - making the 50 day moving average a springboard for a new round of upward movement. On the contrary, if the support of the 50 day moving average falls, it may trigger stronger selling pressure, causing the price to fall below the $100000 mark. From the perspective of the market, bearish forces seem to have the upper hand. The recent rebound from the 50 day moving average has gradually weakened: on June 5th, when the moving average was first tested, Bitcoin rebounded from $100500 to over $10000; On the second test on June 17th, the rebound only increased from $103000 to $109000. The candlestick chart formed over the past week also shows that the bullish momentum above $100000 has shown signs of fatigue. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110000 in volume.