BTC Fails to Recover the 20-Day EMA... Could fall to $54k

Bitcoin has defended the $59,600 support level but failed to reach the 20-day exponential moving average (EMA) at $62,650, Cointelegraph reports. “If $59,600 is broken, the price could retest the previous one-day low of $56,552,” the outlet said. This level is expected to attract buyer interest, but if the bears prevail, a decline to the golden ratio of Fibonacci retracement (61.8%) at $54,298 is also possible. To defend against this, buyers will need to push the price above the 20-day EMA. In this case, a recovery to $67,250 and then to $73,777 is possible,” analyzed the analyst.