Bitcoin is currently retesting its 50-day simple moving average (SMA), a key support level that has previously sparked price rebounds twice this month. According to CoinDesk analyst Omkar Godbole, this level offers bulls a chance to establish a new upward trend. However, failure to hold this support could lead to increased selling pressure, potentially driving Bitcoin's price below the $100,000 mark. Recent market activity suggests bearish forces are gaining strength. The rebound from the 50-day SMA has weakened, with Bitcoin's price rising only from $103,000 to $109,000 during the latest test on June 17, compared to a $10,000 increase earlier this month. A doji candlestick pattern indicates waning bullish momentum above $100,000. To restore a bullish outlook, Bitcoin must break through the $110,000 resistance with significant trading volume.