) has been witnessing a tough battle between the bulls and the bears near the $69,000 mark. Independent trader and analyst Daan Crypto Trades said in a X post that Bitcoin has been hovering around the 2021 cycle high for about four weeks. Historically, Bitcoin consolidates for about
On the contrary, if the price turns up and breaks above the triangle, it will suggest that the bulls have absorbed the supply. That will increase the likelihood of the resumption of the uptrend. The pair may rise to $73,777 and subsequently to $80,000.) has been trading below the 50-day SMA for the past three days, indicating a lack of aggressive demand at these levels.
On the contrary, the pair will complete a bearish double-top pattern if the price continues lower and plunges below $162. There is a minor support at the 50-day SMA , but it is likely to be broken. The pair could thereafter tumble to $126.) fell below the uptrend line on April 3, and the bears successfully defended the level on April 4, indicating selling on every minor rally.The downsloping 20-day EMA and the RSI in the negative territory indicate advantage to sellers.
Alternatively, if the price turns up from $0.57, it will signal solid buying at lower levels. The ADA/USDT pair will then attempt a rally to $0.68, where the bears are expected to mount a strong defense.The bulls tried to push the price back above the 50-day SMA on April 4 but failed. That increases the likelihood of a drop to $42. This is an important support, and the bulls are likely to defend it with vigor. Any recovery may again face selling at the moving averages.
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