The 50-day simple moving average marks major support at $64,870. Technical indicators that gauge bitcoin's price movement over the short term have flipped bearish, with crucial support positioned under $65,000. The cryptocurrency’s 10-day momentum, which compares the going market price with the price from 10 days ago, has declined below zero, indicating renewed negative momentum. Traders use the momentum indicator to confirm market trends and spot trend exhaustion.
The indicator is widely used to spot trend changes, with crossovers under zero signaling price losses. Both indicators suggest the path of least resistance is to the downside, which is consistent with analysts’ view that rising U.S. Treasury yields pose a downside risk to bitcoin. The pivotal 50-day simple moving average at $64,870 is the key support to watch out for. The probability of a drop toward the same would increase should the U.S. inflation data, due later Friday, beat estimates.
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