Bitcoin experienced an upward movement on May 15, surpassing the moving averages. The bulls were able to successfully defend this level during the subsequent retest on May 16. As a result, the 20-day exponential moving average gradually increased to $63,507, while the relative strength index (RSI) entered the positive zone. This development suggests that the bulls currently hold a slight advantage.
Although BTC faces minor resistance at $68,000, it appears likely that this obstacle will be overcome. Following this breakthrough, the BTC/USDT pair could potentially advance towards the strong overhead resistance at $73,777.
On the other hand, if the price drops from $68,000 and falls below the moving averages, it may indicate that the bears are still selling during relief rallies. This scenario could result in the pair remaining within the range of $68,000 to $56,500 for a certain period of time.
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