Bitcoin avoids misery... for now

BTCUSDT

Over the past few days, the bulls have successfully maintained Bitcoin above the crucial support level of $25,250, indicating robust buying activity at that level. Despite the downsloping moving averages favoring the bears, the positive divergence on the RSI suggests a potential reduction in selling pressure.

The bulls will aim to drive the price above the 20-day EMA ($26,654), which could pave the way for a rally towards the resistance line of the descending channel. However, if the price turns downwards from the 20-day EMA, it would indicate the bears' persistence in exerting selling pressure. In such a scenario, the BTC/USDT pair may retest the support at $25,250, and if that level breaks, a decline towards the support line of the channel and potentially to $20,000 could occur.