At the time of writing, BTC/USD is seen trading at $62,864 after soaring above the 9-day MA and 21-day moving averages in the early hour of today’s trading.
On the bullish side, it is important for the Bitcoin price to remains above the 9-day and 21-day moving averages, otherwise, there may come a bearish breakdown when BTCUSD falls below that barrier.
Meanwhile, the Bitcoin price may follow the bearish trend if the price moves back below the moving averages and face the lower boundary of the channel.
Looking at the 4-hour chart, the Bitcoin price is currently crossing above the 21-day moving average.
Moreover, if the bears push the coin below the 21-day moving average, the price of Bitcoin may likely reach the closest supports at $61,000, $59,000, and $57,000.