$BTC

Bitcoin price analysis

Bitcoin surged above the 20-day exponential moving average ($62,765) on May 15, indicating that the bulls have absorbed the supply.

If buyers maintain the momentum and propel the price above the 50-day simple moving average ($65,152), it will open the gates for a possible rally to the formidable resistance at $73,777. The bears may defend this level with all their might.

If bears want to prevent the upside move, they will have to defend the 50-day SMA and tug the price to the $59,600 support. The bulls are likely to defend this level aggressively, because if the support cracks, the BTC/USDT pair may plunge to 61.8% Fibonacci retracement level of $54,298.

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