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#Gate.io 2024 Semi-Year Gala: Vote for Top Streamers & Content Creators Bitcoin has recently fallen to $54,500, marking a decline of over 10% in the past week. On July 7, 2024, cryptocurrency analyst Benjamin Cowen shared an insightful thread on X (formerly Twitter) discussing Bitcoin’s current position relative to its 200-day Simple Moving Average (SMA). Cowen pointed out that Bitcoin (BTC) is currently below its 200-day SMA, having hit a local low on July 5, 2024. He emphasized that Bitcoin’s performance in the fourth quarter (Q4) of this year largely depends on how quickly it can reclaim its 200-day SMA.