$BTC Bitcoin price analysis.......📈📉
Bitcoin has been range-bound between $59,600 and $73,777 for several days, indicating indecision between the bulls and the bears about the next directional move.
#BTC/USDT daily chart.
Generally, in a range, traders buy near the support and sell close to the resistance. The bulls are expected to aggressively defend the $59,600 level as a break below it could deepen the correction to 61.8% Fibonacci retracement level of $54,298. Such a move will delay the start of the next leg of the uptrend.
Contrarily, if the price turns up from the current level or the $59,600 support, it will suggest that bulls remain active at lower levels. The BTC/USDT pair may jump to $67,250 and later to the overhead resistance of $73,777. A break and close above this level will signal the start of the next leg of the uptrend to $84,000.
BTC/USDT 4-hour chart.
The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand. The first sign of strength will be a break and close above the downtrend line. That could clear the path for a rise to $68,000 and then to $71,500.
Alternatively, if the price turns down from the current level or the downtrend line and breaks below $62,300, it will suggest that bears are in command. The pair could then skid to the crucial support at $59,600, where buyers are likely to step in.
