Bitcoin has been all over the place leading up to the halving, indicating indecision between the bulls and the bears about the next directional move. Buyers have failed to resume the uptrend, but a positive sign is that they have not allowed Bitcoin to plunge below the crucial $60,000 level. While Bitcoin remains in a range, several altcoins have faced the brunt of the selling pressure.

Several altcoins in the top-20 cryptocurrencies by market capitalization have lost over 20% in the past seven days. That pushed Bitcoin’s market capitalization dominance above 55%, its highest level in three years, according to coinmarketcap data.

We cautioned traders in the previous analysis that a break below the 50-day simple moving average (SMA) could accelerate selling and pull Bitcoin near $59,224, and that is what happened. The BTC/USD pair fell to $60,822 on April 13.

The pair rebounded off the support, but the relief rally hit a wall at the 20-day exponential moving average (EMA). This suggests that the sentiment remains negative, and traders are selling on rallies. The bears will again try to sink the price below the $60,771 to $59,224 support zone. If they succeed, the pair could start a down move to $52,100. The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate an advantage to bears.

Contrary to this assumption, if the price rebounds off $59,224, it will signal that the bulls are fiercely defending the support zone. That could keep the pair stuck inside a range between $60,771 and $73,835 for some more time. The next leg of the uptrend is likely to begin if buyers drive and maintain the price above $73,835, but we give this a low probability of occurring in the near term.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!