Bitcoin experienced an upward surge on May 15, surpassing the moving averages, and managed to defend this level during the subsequent retest on May 16. The 20-day exponential moving average gradually increased to $63,507, and the relative strength index (RSI) entered the positive zone. These developments suggest that the bulls currently hold a slight advantage. Although BTC may encounter minor resistance at $68,000, it appears likely to overcome this obstacle. Subsequently, the BTC/USDT pair could progress towards the formidable overhead resistance at $73,777. However, if the price declines from $68,000 and breaches the moving averages, it could indicate that the bears are persistently selling during relief rallies. Consequently, the pair may remain within the range of $68,000 to $56,500 for an extended period. Stay updated on the latest technology news by accessing NEWSLINKER.
