Bitcoin has been holding above the breakout level at $65,000, indicating that the bulls are in no hurry to close their positions.
The 20-day exponential moving average ($62,650) has been sloping up, and the relative strength index (RSI) is in positive territory, indicating that the bulls are in command. If the price rises from the current level, the possibility of a rally to $70,000 increases. The sellers are expected to fiercely defend the zone between $70,000 and $73,777.
On the downside, the bears will have to pull the price below the 20-day EMA to suggest that the bullish momentum is weakening. The BTC/USDT pair could then drop to the 50-day simple moving average ($60,206).
Both moving averages are sloping up on the 4-hour chart, and the RSI is in the positive zone, signaling that the path of least resistance is to the upside. If the price rises above $66,500, the pair could surge to $70,000.
On the other hand, a break below the 20-EMA will suggest that traders are booking profits. The next support on the downside is at the 50-SMA. A break below this support could pull the price down to the breakout level at $61,200.
