Bitcoin Finds Support Near Key 100-Day SMA, Pullback Possible

Bitcoin has recently been looking for support around the key 100-day moving average after a major sell-off at the $48,000 resistance level triggered a minor pullback. However, if a pullback occurs, the most likely scenario would be a re-entry into a bear market with a target support level of $38,000. Technical analyst Shayan analysed the daily chart and found that after bitcoin suffered a sell-off at the key $48,000 level, the price sought support around the middle boundary of the uptrend channel and the important $39,000 100-day moving average. Subsequently, the price has seen a slight retracement back to the existing fair value gap between $43,578 and $45,606. This price range could create resistance to further selling pressure and could even push prices back to the important 100-day moving average. However, a break below this key moving average could set the stage for a medium-term bear market.