Bitcoin's large range from $56,552 to $73,777 was broken on July 5, but one small positive is that sellers are having difficulty sustaining lower levels.

The bulls are trying to reclaim the $56.552 level. Oversold levels on the relative strength index (RSI) point to a possible rally in the near term, potentially facing selling at the 20-day exponential moving average ( $62,055).

If the price turns down from the 20-day EMA, the bears will have another sell-off to the support zone of $56,552-$53,485. If this zone is broken, the BTC/USDT pair could slide to $50,000. This negative view will be invalidated in the near term if the bulls push and sustain the price above the 20-day EMA.