Bitcoin (BTC) Price Analysis

#Bitcoin(BTC) has confirmed bearish signals by trading well below the 50-day and 200-day EMAs.

A return to $57,500 would support a move towards the 200-day EMA. Furthermore, a break above the 200-day EMA could give the bulls a run at the $60,365 resistance level and the 50-day EMA. Selling pressure could intensify at the $60,365 resistance level as the 50-day EMA overlaps with the resistance level.

In addition, a break below $55,000 could allow the bears to reach the $52,884 support level. With a 14-day RSI of 39.00, $BTC could drop below $55,000 before entering the oversold zone.