Bitcoin price analysis
The repeated failure of the bulls to propel the price above $71,770 may have tempted the short-term traders to throw in their towel. That sent the price tumbling below the 20-day exponential moving average ($67,646) on April 2.
The 20-day EMA has flattened out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. This equilibrium could tilt in favor of the bears if the price skids below the 50-day simple moving average ($63,098). That could open the doors for a drop to $59,000 and subsequently to the 61.8% Fibonacci retracement level of $54,298.
On the other hand, if the price rises from the current level and rises above the 20-day EMA, it will suggest that the
BTCUSDT
pair may stay range-bound for some time. The bulls will have to shove the price above the $71,770 to $73,777 resistance zone to signal the start of the next leg of the uptrend to $80,000. This article does not contain investment advice or recommendations.
