Bitcoin Falls Below 200-Week Moving Average for First Time Since October 2023, Down 20% in June

BTC2.82%
According to analyst Omkar Godbole, Bitcoin fell below its 200-week moving average for the first time since October 2023, recording its worst monthly close since June 2022 with an approximately 20% decline in June. The break below the key technical level, historically considered the dividing line between bull and bear markets, signals a potential shift in long-term trend. Godbole predicts further downside, forecasting Bitcoin could drop to between $48,000 and $55,000, citing a bearish Marubozu candlestick pattern formed during the month indicating continued selling pressure.
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