Bitcoin Drops Below 4-Hour MA – Bearish Trend Ahead?

Following a pullback, the price of Bitcoin has continued on its downward movement. The coin, after failing to break above the 100-day Simple Moving Average (SMA) and the trend line has experienced a drop of over 6% from its previous high.
Will the price of BTC continue to move in a downward direction or will it reverse and start moving in an upward direction?
As of the time of writing, the price of BTC was trading around $62,972 which is about 28% down from its all-time high and was down by 1.27