BTC/USD passes below SMA

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Source: Dukascopy Bank SA


Almost immediately after booking a new all-time high, the price for Bitcoin started a sharp retracement back down. A retracement of such kind for the crypto is not unusual.

However, this time the decline passed below the 50-day simple moving average, which had been pushing the rate up since October 18. It signals the the trend of the late 2020 and early 2021 surge could be over.

In regards to the near term future, the price could look for support in the March 25 low levels near 50,700.00 . If this level gets passed, the late February low levels near 43,000.00 could stop a potential decline.

On the other hand, a holding out of the support of March 25 could result in a renewal of the surge that would target first the 60,000.00 mark and afterwards the recently reached all-time-high.
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