Bitcoin Price Faces Crucial Test at 50-Day SMA: Bulls Aim for Breakout Above $110,000 Resistance

Bitcoin has recently retreated to its 50-day Simple Moving Average (SMA), a technical level that has historically acted as a crucial support point this month, according to insights from CoinDesk analyst and Chartered Market Technician Omkar Godbole. This retracement to the 50-day SMA is pivotal, as it offers bulls a potential launchpad to reinforce an upward trend in the near term.

However, failure to maintain this support could intensify selling pressure, potentially pushing Bitcoin below the psychologically significant $100,000 threshold. Market dynamics currently suggest a bearish tilt, with diminishing rebound strength observed in recent tests of the 50-day SMA. Notably, the initial bounce on June 5 saw a surge exceeding $10,000, whereas the subsequent recovery on June 17 was more subdued.

Additionally, the emergence of a doji candlestick pattern over the past week signals weakening bullish momentum around the $100,000 mark. For Bitcoin to regain short-term bullish momentum, a decisive breakout on robust volume above the critical $110,000 resistance level is essential, underscoring the importance of volume-driven price action in confirming trend shifts.