Bitcoin price analysis

The bulls have managed to hold Bitcoin above the 50-day simple moving average ($29,377) for the past few days, but a negative sign is their inability to push the price above the 20-day exponential moving average ($29,670).
The bears will try to strengthen their position by pulling the price below the immediate support at $28,861. If they do, it will suggest that the BTC/USDT pair could stay in a range between $31,000 and $24,800 for a while. The gradually descending 20-day EMA and the relative strength index (RSI) in the negative zone point to the advantage for the bears.
This bearish view will be invalidated if the bulls push the price above the 20-day EMA. The pair could then rise to the overhead resistance zone between $31,000 and $32,400. The bulls will have to break through this hurdle to signal the start of a new uptrend towards $40,000.
The 20-EMA has flattened and the RSI is near the midpoint, showing an equilibrium between supply and demand. The pair is stuck in a tight range between $28,861 and $29,690.
A break and close above the overhead resistance will indicate that the advantage is turning in favor of the bulls. The pair could then rally to $30,500 and later to $31,500.
Alternatively, if the price declines and dips below $28,861, it will indicate that the bears are in control. The pair could decline to $27,500 later.
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