The bulls are trying to drive Bitcoin above the $65,000 overhead resistance, but the bears have held their ground.

If the bulls do not cede much ground to the bears, the likelihood of a rally above $65,000 increases. The BTC/USDT pair could surge to $70,000, where the bears are expected to mount a strong defense.

This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($60,621). The pair may slide to the 50-day SMA ($59,382) and later to $57,500.