Bitcoin (BTC) Price Analysis: Bulls and Bears Battle Near $60K, Which Side Will Win?

After spending weeks in a downtrend, Bitcoin (BTC) finally bottomed around the $55,500 mark and has rebounded, climbing above $58,000 during the current week.

Bitcoin (BTC) price movements show that bears are defending the resistance level around $60,000, while bulls are defending the support zone between $56,000 and $53,000. Buyers have attempted to push BTC above the 200-day SMA but have so far been unable to do so.

If BTC cannot move above the 200-day SMA and turns bearish, it would indicate that overall sentiment is negative, and traders are selling their BTC when the price is rallying. A prolonged downturn may see sellers attempt to push BTC below its support levels. A drop to $50,000 could be a realistic outcome if they are successful. However, if BTC can go above the 200-day SMA, it would indicate changing sentiments. In such a scenario, BTC could rally towards the 20-day SMA and $60,000. A break above this level could see BTC surge towards the 50-day SMA, currently at $64,752.

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