Brief analysis: Bitcoin (BTC)
Bulls are facing challenges in keeping Bitcoin above the 20-day EMA, priced at $62,471, a sign that bears continue to apply pressure. BTC price lost its bullish momentum and is steeply declining below its immediate Fib channels.
The 20-day EMA appears flat and the RSI is declining toward the oversold region, hinting that Bitcoin might continue to see sideways movement for several more days. Should buyers manage to hold the price above the 20-day EMA, the BTC/USDT pair could potentially advance towards the 50-day SMA at $65,441. Although this level could present considerable resistance, overcoming it may allow the pair to escalate to $68K.
On the flip side, a downturn from the 50-day SMA would signal that bears are in control at higher price points. Consequently, the pair could drop towards a vital support range, spanning from $59,600 to $56,500.
