Bitcoin has held above the breakout level of $65,000, suggesting that bulls are in no hurry to close their positions.

BTC/USDT Daily Chart | Source: TradingView

The 20-day exponential moving average ($62,650) has turned up and the relative strength index (RSI) is in the positive zone, suggesting that bulls are in command. If the price rises from current levels, the possibility of a rally to $70,000 increases. Sellers are expected to defend the zone between $70,000 and $73,777 strongly.

On the downside, the bears will have to pull the price below the 20-day EMA to indicate weakening bullish momentum. After that, the BTC/USDT pair could drop to the 50-day simple moving average ($60,206).

BTC/USDT 4-hour chart | Source: TradingView

Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. If the price rises above $66,500, the pair could surge to $70,000.

Conversely, a break below the 20 EMA would indicate that traders are booking profits. The next support on the downside is at the 50 SMA. A break below this support could drag the price down to the breakout level of $61,200.

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