Bitcoin price analysis

Bitcoin plummeted below the 20-day exponential moving average ($68,700) on June 11 but found support at the 50-day simple moving average ($65,982).

The bulls aggressively purchased the dip to the 50-day SMA and pushed the price above the 20-day EMA. This suggests that the BTC/USDT pair may oscillate inside the tight range between $66,500 and $72,000 for some time.

Buyers will have to catapult the price above the $72,000 to $73,777 resistance zone to seize control. That will open the gates for a rally to $80,000 and eventually to $88,000. On the downside, a slide below the 50-day SMA could start a downward move to $60,000.