Bitcoin's recent downtrend has sparked concerns of a larger correction. As the market digests the news of China's crypto crackdown, investors are reevaluating risk. With the 200-day moving average approaching, a potential bounce could be on the horizon. However, a break below this level could signal a more significant decline.

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The 200-day moving average is a crucial level to watch. If Bitcoin can hold above it, a bounce could be imminent. However, a break below might indicate a more severe correction is underway.