Bitcoin's (BTC) decline gathered pace Thursday, sending prices under the 200-day simple moving average (SMA), a good indicator of long-term trends in both traditional and crypto markets.

The cryptocurrency fell below the 200-day SMA at $58,492 during European hours, putting lows under $57,300, a level last seen on May 2, according to charting platform TradingView.

Markets that consistently trade below the 200-day SMA are said to be in a downtrend, while those trading above the average are bullish. BTC rose past the 200-day SMA in October, when the average value was $28,000. The breakout – fueled by expectations for a spot bitcoin ETF in the U.S. – paved the way for a sharp rally to record highs above $70,000 by March.

That bull market can be identified by a rising trendline connecting October and January lows. BTC's latest break below the 200-day line has put the focus on the bull market trendline support at $57,590.

A close (midnight UTC) below that level could lead to further selling and downward price momentum, as traders often use trendline breakdowns as indicators to make trading decisions.

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