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#TopContentChallenge
Bitcoin faces the risk of losing the 50-day exponential moving average.
Bitcoin is trading above $115,000, slightly below this psychological level at the time of writing this report (Tuesday), stabilizing above the 50-day exponential moving average at $115,063. If the price falls significantly below this dynamic support, it may extend the decline to the support level of $111,980, which was the highest level reached on May 22.
The momentum indicator shows a weakening of upward momentum. On the daily chart, the Relative Strength Index (RSI) is moving towards the level of 45, indicating an increase in downward momentum.
In addition, the Moving Average Convergence Divergence indicator ( MACD ) points to a downward trend after the crossover on Saturday. Meanwhile, the rising red histogram below the zero line indicates an increase in downward momentum.
On the other hand, the rebound of the 50-day exponential moving average may push Bitcoin towards the $120,000 supply zone.
BTC/USDT Daily Price Chart