Bitcoin (BTC) price analysis

Bitcoin is struggling to hold above $52,000. This suggests that the bears are fiercely defending the level. If the price breaks below $50,000, short-term traders will likely give up. That is, they prefer to book profits. This could push BTC back to the 20-day exponential moving average ($48,842).
If the price rebounds strongly from the 20-day EMA, it will indicate that sentiment remains positive and traders are buying at lower levels. This, in turn, would increase the likelihood of a rally above $52,000. BTC is likely to bounce to $60,000 later. Instead, if the price continues to decline and breaks below the 20-day EMA, it will signal the beginning of a pullback towards the 50-day simple moving average ($44,924).
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