Bitcoin's recent upside has been met with increased selling pressure, causing the asset to trade sideways. The 200-day moving average is currently serving as support, but a break below this level could see prices plummet. If you're considering a long position, it's essential to wait for a clear bullish reversal signal before entering the market.

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A clear bullish reversal signal could be a break above the 50-day moving average, which would confirm a potential trend change.