🚨The price of Bitcoin is facing new pressure 😟. The asset has retreated about 4% in the last 24 hours and nearly 10% in the last 30 days, while the increase in selling supply intensifies in the crypto market.

- *Critical level*: Bitcoin is trading close to the 2-year Simple Moving Average (2Y SMA), which is near US$ 82.800.

- *Retracement risk*: If Bitcoin fails to stay above this SMA line by the end of the year, the risks of retracement increase considerably.

- *History*: The last time the price of Bitcoin fell below this SMA line, there was an additional correction of 51% before any upward movement.

- *Crucial date*: December 31 is crucial for Bitcoin, as it may determine how the asset will close the year.

Bitcoin needs to stay above the 2Y SMA to avoid a possible drop of 15% 📉.

Reshites:

- The price of Bitcoin is facing new pressure and has retreated about 4% in the last 24 hours.

- Bitcoin is trading close to the 2-year Simple Moving Average (2Y SMA).

- If Bitcoin fails to stay above the 2Y SMA, the risks of retracement increase considerably.

- December 31 is crucial for Bitcoin, as it may determine how the asset will close the year.