The Bitcoin price is in an unstable position as the price slips below the 9-day and 21-day moving averages during the early Asian hours.
However, looking at the declining daily volume candles, together with the steady but stable recent Bitcoin price action, traders can assume that a stronger negative move may be coming soon if the red-line of the 9-day MA crosses below the green-line of the 21-day MA.
The further movement could go above the significant 9-day and 21-day moving averages, which could send the price towards the resistance levels of $68,500, $70,500, and $72,500.
Looking at the 4-hour chart, the bulls are trying to defend the $60,000 support.
However, if the buyers can regain and push the market price above the 9-day and 21-day moving averages, traders may expect a retest at the $62,000 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $63,000 and above.