Bitcoin continues its sideways price action as bulls defend the psychological $60,000 support while bears sell on rallies. A consolidation near the highs is typically a positive sign as it shows that the bulls are not hurrying to the exit. However, a confirmation only happens after the price breaks above the resistance because if the price drops below the support, it will indicate distribution in the range.

Due to the uncertainty about the next directional move, the spot Bitcoin exchange-traded funds are seeing a muted response. Market research firm Santiment said in a X post that fear and indecision has pulled Bitcoin’s onchain activity toward historic lows.

Bitcoin plunged below the $59,224 support on May 1, but the bears could not sustain the lower levels. The bulls pushed the price back above the breakdown level on May 3. However, the bears have not yet given up.

They stalled the recovery at the 50-day simple moving average (SMA) on May 6. Since then, the BTC/USD pair has been oscillating between the 50-day SMA and the solid support at $59,224. The 20-day exponential moving average (EMA) has flattened out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If the price continues higher and breaks above the 50-day SMA, the short-term advantage will tilt in favor of the bulls.

The pair may climb to the overhead resistance at $73,835. Contrarily, if the price turns down and breaks below $59,224, it will signal that the bears are trying to take charge. The pair may then slump to $56,500 and later to the vital support at $52,100.

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