Bitcoin has been trading within a descending parallel channel on the daily chart, but it is currently finding strong support at the 100-day Simple Moving Average (SMA) at $26,461. This could be the start of a bull run, but it is too early to say for sure.
Bitcoin has been trading within a descending parallel channel on the daily chart since early May. The price has been rejected at the upper trendline several times, but it is currently finding strong support at the 100-day Simple Moving Average (SMA) at $26,461.
The 100-day SMA is a significant moving average that has historically acted as a strong support level for Bitcoin. If the price can hold above this level, it could be a sign that the bulls are starting to take control and that a bull run could be imminent.
However, it is important to note that the price is still trading below the 50-day SMA and the 200-day SMA. These moving averages are also significant and if the price can break above them, it would be a strong indication that the bulls are in control and that a bull run is underway.
Overall, the technical indicators are mixed for Bitcoin. The 100-day SMA is providing strong support, but the price is still trading below the 50-day SMA and the 200-day SMA. It is too early to say for sure if this is the start of a bull run, but it is certainly something to watch for.
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