$BTC

Bitcoin dipped below the 20-day EMA ($58,338) on Sept. 16, indicating that the bears are applying pressure.

If the price bounces off the current levels, the bulls will make one more attempt to push the BTC/USDT pair above $61,200. If successful, the pair could start a rally to $65,000. A break and close above $65,000 will negate the formation of lower highs in the pair, which is a positive sign.

On the other hand, a close below the 20-day EMA could lead the price towards the vital support zone between $55,724 and $52,550.