Material Indicators Lianchuang: The 50-day moving average of Bitcoin at $94,650 still serves as a valid support level

Keith Alan, co-founder of Material Indicators, pointed out that the current price of Bitcoin is stuck between two Simple Moving Average (SMA) lines: the 21-day and 50-day averages.

The two averages are approximately at $99,600 and $94,650 respectively. Before breaking below the 21-day average this week, Bitcoin has been using it as support since mid-October, while the support from the 50-day average remains effective.