$BTC Bitcoin price analysis...🚀🚀🚀
Bitcoin is taking support in the zone between the 50% Fibonacci retracement level of $58,017 and the 61.8% retracement level of $54,298.
#BTC/USDT daily chart.
The bulls pushed the price back above the breakdown level of $59,600 on May 3, indicating that the recent fall may have been a bear trap. However, the bears are unlikely to give up easily. They will try to stall the relief rally at the 20-day exponential moving average ($63,366) and then at the 50-day simple moving average ($66,151).
If the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the BTC/USDT pair below $56,500. If they succeed, the pair may slump to $54,298.
Conversely, a break above the 50-day SMA will suggest that the pair may extend its stay inside the range for some more time.
