Bitcoin Faces Bearish Turn After Dropping Below 50MA, Risks 26% Decline

The recent market analysis indicates that Bitcoin's price movement below the 50-day moving average (50 MA) on a daily chart is a significant bearish signal. Historically, such a breakdown from the 50 MA has preceded notable corrections, as seen earlier this year when Bitcoin traded around $84,000 and subsequently dropped sharply. Currently, with Bitcoin trading around $102,889, the breach below 50 MA suggests a potential further decline, possibly up to 26%, bringing the price down to approximately $76,200. The importance of this technical level is reinforced by its past role as support and resistance, and the recent dip signifies increasing bearish pressure. Unless Bitcoin reclaims the $100,000 resistance level, the outlook remains cautiously bearish, with risks of sliding toward $82,000 if the current support at $102,000 fails. Overall, the technical indicators and recent price behavior point toward continued downside risk unless a strong reversal occurs.