Bitcoin price analysis
Bitcoin skyrocketed above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16.
The 20-day exponential moving average ($63,507) has started to turn up gradually, and the relative strength index (RSI) has jumped into the positive territory, indicating that the bulls have a slight edge. There is a minor resistance at $68,000, but it is likely to be crossed. The BTC/USDT pair may then travel to the stiff overhead resistance at $73,777.
Contrary to this assumption, if the price turns down from $68,000 and breaks below the moving averages, it will signal that the bears continue to sell on relief rallies. That could keep the pair range-bound between $68,000 and $56,500 for a while.