Bitcoin price (BTCUSD) declined during its latest intraday trading after the key resistance level at $77,500 held firm, leading to a return of temporary selling pressure on the price. The market is now attempting to gain fresh positive momentum that could help Bitcoin break above this resistance in the future and resume its short-term upward trend.
At the same time, the price is trying to ease the clear overbought conditions on the relative strength indicators, especially as negative signals have started to emerge. Meanwhile, Bitcoin continues to find technical support from EMA50, in addition to the previous breakout above a corrective bearish trendline, which keeps price action within a relatively balanced range for now.
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