Bitcoin is currently retesting its 20-week Exponential Moving Average (EMA) following significant liquidation events, marking two of the largest of the year. This technical level is being closely monitored by analysts to assess whether the market can stabilize and potentially rebound, or if further declines are imminent. The 50-week EMA, positioned near $98,000, is identified as a crucial long-term support level. A breach below this threshold could indicate a deeper bearish trend, raising concerns among traders and investors about the future trajectory of Bitcoin's price.