Is Bitcoin back in the game? | Analysis
Bitcoin's price rallied sharply after United States Consumer Price Index (CPI) data came in lower than forecast. The CPI data was unchanged from last month, and the year-on-year figure of 3.3% showed a slowdown from the previous pace of 3.4% — both 0.1% lower than forecast.
Bitcoin plummeted below the 20-day exponential moving average ($68,700) on June 11 but found support at the 50-day simple moving average ($65,982).
The bulls aggressively purchased the dip to the 50-day SMA and pushed the price above the 20-day EMA. This suggests that the BTC/USDT pair may oscillate inside the tight range between $66,500 and $72,000 for some time.
Buyers will have to catapult the price above the $72,000 to $73,777 resistance zone to seize control. That will open the gates for a rally to $80,000 and eventually to $88,000. On the downside, a slide below the 50-day SMA could start a downward move to $60,000.
BTCUSDT
Bitcoin plummeted below the 20-day exponential moving average ($68,700) on June 11 but found support at the 50-day simple moving average ($65,982).
The bulls aggressively purchased the dip to the 50-day SMA and pushed the price above the 20-day EMA. This suggests that the BTC/USDT pair may oscillate inside the tight range between $66,500 and $72,000 for some time.
Buyers will have to catapult the price above the $72,000 to $73,777 resistance zone to seize control. That will open the gates for a rally to $80,000 and eventually to $88,000. On the downside, a slide below the 50-day SMA could start a downward move to $60,000.
BTCUSDT 
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