Bitcoin experienced a surge above the moving averages on May 15, with the bulls effectively defending this level during the subsequent retest on May 16. The 20-day exponential moving average displayed a gradual rise to $63,507, while the relative strength index (RSI) entered the positive zone. This development suggests that the bulls currently hold a slight advantage. Bitcoin may encounter some minor resistance at $68,000, but it appears likely that this obstacle will be overcome. Subsequently, the BTC/USDT pair could potentially move towards the robust overhead resistance at $73,777. Conversely, if the price declines from $68,000 and breaches the moving averages, it could indicate that the bears are persistently selling during relief rallies. This scenario could result in the pair remaining within the range of $68,000 to $56,500 for an extended period of time. Stay updated on the latest technology news by accessing NEWSLINKER.
