The bulls are finding it difficult to push Bitcoin above $71,770, and today's correction proves that bears are not ready to let go.
The tight-range trading is likely to break out soon, but it is difficult to predict the direction of the breakout with certainty. If the price slumps below the 20-day EMA, the short-term traders may book profits, pulling the BTC/USDT pair to the 50-day SMA ($62,430).
On the other hand, if the price turns up and breaks above the $71,770 to $73,777 zone, it will signal the start of the next leg of the uptrend. The pair could then resume its march toward $80,000.
