$BTC Bitcoin price analysis..... 📈📈📈
Bitcoin has been trading below the moving averages for the past few days, but the bears are struggling to sink the price to the crucial support at $60,775. This suggests that selling dries up at lower levels.
#BTC/USDT daily chart.
The price is stuck between the 50-day simple moving average ($67,404) and the vital support at $60,775. The 20-day exponential moving average ($65,542) has started to turn down and the relative strength index (RSI) is just below the midpoint, indicating a minor advantage to the bears.
A break and close below $59,600 could open the doors for a drop to the 61.8% Fibonacci retracement level of $54,298.
This bearish view will be negated in the near term if the price rises above the 50-day SMA. The BTC/USDT pair may then climb to $73,777. This remains the key overhead resistance for the bulls to overcome.
