Bitcoin faces continued market difficulties and opportunities

Bitcoin failed to maintain its rebound momentum last week, suggesting that the active bear market is still ongoing.

Nevertheless, analysts remain optimistic about Bitcoin's price trend after the halving cycle. Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, said that in the next 9 months, the price of Bitcoin may rise to between $175,000 and $350,000.

Although the bulls successfully defended the $59,600 level of Bitcoin, they failed to push the price above the 20-day exponential moving average of $62,650. This shows a fierce struggle between the bulls and bears.

Judging from the daily EMA 20 level and the negative zone of the relative strength index (RSI), sellers currently have a certain advantage. If the price breaks the $59,600 support level, the BTC/USDT pair may retest the intraday low of $56,552 on May 1.

However, this support level is expected to attract buyers but if the bears gain the upper hand, the pair might drop to the 61.8% Fibonacci retracement level of $54,298.

The bulls need to keep the price above the 20-day EMA to avoid further declines. If they can do that, the pair might rise to $67,250 and the buyers will need to overcome this hurdle to start a rally to $73,777.

On the 4-hour chart, the 20-day EMA is flattening out while the RSI level is close to the midpoint, suggesting some easing of selling pressure. The most noteworthy support level is $59,600, a break of which might increase selling and drop the pair to $56,552.

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On the contrary, if the price rises above the 50 simple moving average, it will suggest that the bulls are trying to regain control of the situation. The pair could rise to $63,500 and then $65,500. A break above this resistance could indicate that bears are losing control, especially if positive developments in the ETF space or the SEC could trigger a rise in Bitcoin prices.

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