Bitcoin Price Analysis

Bulls are finding it difficult to push Bitcoin above $71,770, and today’s correction proves that bears are not ready to let go just yet.

A tight trade is likely to break out soon, but it is difficult to determine the direction of the breakout. If the price falls below the 20-day EMA, short-term traders may take profits, pulling the BTC/USDT pair towards the 50-day EMA ($62,430).

On the other hand, if the price rises and breaks above the $71,770 to $73,777 area, it will mark the beginning of the next phase of the uptrend. The pair may then continue its march towards $80,000.

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