Bitcoin tried to start a recovery on April 8 but met with strong selling near the 20-day exponential moving average ($82,218). That suggests the sentiment remains negative, and traders are selling on rallies.
The downsloping moving averages indicate an advantage to bears, but the positive divergence on the relative strength index (RSI) suggests the bearish momentum could be slowing down. However, if the $73,777 level cracks, the
BTCUSDT pair could swiftly nosedive to the next support at $67,000. Solid buying is likely to emerge in the $67,000 to $65,000 support zone.
The 50-day simple moving average ($85,703) remains the key overhead resistance to watch out for. Buyers will have to drive the price above the 50-day SMA to suggest that the corrective phase may have ended. Until then, rallies are likely to be sold into.