Bitcoin dipped below the 200-day MA and then bounced but hit resistance at $12k. $12k was a support and then a resistance zone on the way down from $20k, which also recently coincided with the 50-day MA.
It has (or had) appeared to have broken the downward trend (red) taking the bounce to $17k as an outlier - there are many more data points touching that red trend line. If you don't take the $17k as an outlier then it hasn't broken the orange downward trend, however, there are only 2 data points to support the orange trend line.
I expect BTC to bounce again of the 200-day MA (around the $8-8.5k range), if it breaks below it again then that would be a very bearish signal and we could well see the 50-day MA cross below the 200-day MA. If it breaks above the 50-day MA or the $12k resistance line then that would be a bullish signal. At this moment in time it's difficult to predict which way it will move longer term, RSI and volume are both neutral, so I'll be waiting to see how the market moves.
It has (or had) appeared to have broken the downward trend (red) taking the bounce to $17k as an outlier - there are many more data points touching that red trend line. If you don't take the $17k as an outlier then it hasn't broken the orange downward trend, however, there are only 2 data points to support the orange trend line.
I expect BTC to bounce again of the 200-day MA (around the $8-8.5k range), if it breaks below it again then that would be a very bearish signal and we could well see the 50-day MA cross below the 200-day MA. If it breaks above the 50-day MA or the $12k resistance line then that would be a bullish signal. At this moment in time it's difficult to predict which way it will move longer term, RSI and volume are both neutral, so I'll be waiting to see how the market moves.