BlockBeats News, April 16th, CoinDesk analyst Omkar Godbole stated that in the context of the 50-day and 100-day Simple Moving Average (SMA) continuing to decline, all of this serves as a reminder for bulls to remain cautious. If the price falls below the hourly chart support at $83,000, it will confirm the development of a bearish trend, potentially triggering a pullback with the target towards the recent low of around $75,000.
At the same time, only if the daily (UTC) closing price can rise above $86,000, does it signify a possible continuation of the rebound.
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