Bitcoin's recent pullback has analysts focusing on its 50-day simple moving average (SMA), currently at $27,244, for cues about the next possible move in the cryptocurrency. A potential violation of the 50-day SMA support would challenge the bullish market sentiment, according to Alex Kuptsikevich, senior market analyst at FxPro. The 50-day SMA is one of the most widely-tracked technical lines in traditional markets and cryptocurrencies, and crypto analysts have previously tracked crossovers above/below the key average to confirm bullish and bearish trend changes. If the SMA support continues to hold ground, a new leg higher consistent with the broader bullish outlook will likely resume, according to Katie Stockton, founder and managing partner at Fairlead Strategies.

(By Omkar Godbole)