Last week saw BTC trading in the tightest of ranges between $20,500 and $19,500. The bulls and bears have seemingly struck a balance: the bulls keep buying on dips but sellers occupy higher levels.
At the time of writing, Bitcoin trades at $19,788. The downsloping 20DMA and the RSI indicate an advantage for the bears. If they manage to push the price below $19,500, we could see BTC drop to the support zone between $18,600 and $18,900.
However, a range break and capture of the 20DMA could help bulls in the near term. This could become a solid base for buyers to build upon, and it could potentially trigger rallies in altcoin markets.
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