$BTC Bitcoin price analysis..... đđđ
Bitcoin has been trading below the moving averages for the past few days, but the bears are struggling to sink the price to the crucial support at $60,775. This suggests that selling dries up at lower levels.
#BTC/USDT daily chart.
The price is stuck between the 50-day simple moving average ($67,404) and the vital support at $60,775. The 20-day exponential moving average ($65,542) has started to turn down and the relative strength index (RSI) is just below the midpoint, indicating a minor advantage to the bears.
A break and close below $59,600 could open the doors for a drop to the 61.8% Fibonacci retracement level of $54,298.
This bearish view will be negated in the near term if the price rises above the 50-day SMA. The BTC/USDT pair may then climb to $73,777. This remains the key overhead resistance for the bulls to overcome.