The failure to sustain the price above $65,000 led to a sell-off in Bitcoin, sending the price below the 20-day exponential moving average ($62,490) on October 1.
BTC/USDT Daily Chart | Source: TradingView
The BTC/USDT pair has reached the 50-day simple moving average ($60,357), which is a crucial level for the bulls to defend. If the price rises and breaks above the 20-day EMA, the bulls will again attempt to push the pair above the $65,000 to $66,500 resistance zone. If they can do so, the pair could rise to $70,000.
Instead, if the price drops below the 50-day SMA, it will pave the way for a drop to $57,500. Buyers are expected to defend this level strongly because if they fail to do so, the pair could drop to $54,000.
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