For Bitcoin: It's still winter down to $25000

BTCUSDT

Despite managing to stay above 27,000 for the past three days, Bitcoin's 9% loss last week spooked some new traders. For the past few days, Bitcoin has been trapped between the moving averages, indicating indecision among the bulls and the bears. The bulls are buying the dips to the 50-day SMA (27,078), while the bears are protecting the 20-day EMA (28,466).

This uncertainty is unlikely to continue for long. The downsloping 20-day EMA and the relative strength index (RSI) in negative territory suggest an advantage to the bears. This increases the likelihood of a break below the 50-day SMA. If this happens, the BTC/USDT pair could drop to the important support at 25,250, which the bulls are expected to defend strongly. On the upside, if Bitcoin manages to break and close above the 20-day EMA, it may signal the start of a bullish comeback, potentially leading to a rally to 31,000.

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