The bulls are attempting to defend the 50-day simple moving average ($60,461), signaling demand at lower levels.

Buyers will have to push and maintain the price above the 20-day exponential moving average ($62,195) to improve the prospects of a rally to $66,500. If this level is scaled, the next stop is likely to be $70,000.

Conversely, if the price turns down and breaks below the 50-day SMA, it will suggest that the bears have the upper hand. The BTC/USDT pair could skid to $57,500 and subsequently to the solid support at $54,000.