Bitcoin continues to trade inside a large range as dwindling inflows into the Bitcoin spot exchange-traded funds, geopolitical tensions, and uncertainty about the extent of rate cuts by the United States Federal Reserve in 2024 are keeping investors on the edge. Although the uptrend has stalled, a positive sign in favor of the bulls is that Bitcoin has not collapsed below the psychologically important $60,000 level.

However, the month of May could prove to be challenging for the buyers. CoinGlass data shows that Bitcoin has closed May in the red for the past three years. Another negative for the markets in the near term is that investor interest in the Bitcoin ETFs seems to be decreasing.

We said in the previous analysis that if the price rebounds off the $59,224 level, then Bitcoin may stay range-bound for some more time, and that is what happened. The BTC/USD pair bounced off $59,573 on April 19, but the bulls could not clear the overhead resistance at the 50-day simple moving average (SMA).

This suggests that the bears are selling on rallies. The downsloping 20-day exponential moving average (EMA) and the relative strength index (RSI) just below the midpoint suggest a minor advantage to the bears. The sellers will make one more attempt to sink the pair below $59,224. If they succeed, the decline could extend to $52,100 where the buyers may step in to arrest the fall. A deeper correction could delay the start of the next leg of the uptrend. On the other hand, if the price once again rebounds off $59,224, it will signal that the bulls are aggressively defending the level.

The bulls will then make one more attempt to drive the price above the 50-day SMA. If they manage to do that, the pair may climb to the overhead resistance of $73,835. Buyers will have to clear this hurdle to start the next leg of the uptrend to $88,446.

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

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