Bitcoin turns down but is still above key moving averages

BTCUSDT

Bitcoin and major altcoins are experiencing a significant sell-off at higher levels, indicating a possible comeback by the bears. Bitcoin, which saw four consecutive months of gains from January to April, hasn't achieved this feat since 2013. Historical data shows that there have been five positive and five negative monthly closes in May, with no clear advantage for either bulls or bears.

While the bears have aggressively defended the overhead resistance at 30,000, the bulls are fiercely protecting the 50-day SMA (28,146), suggesting that the BTC/USDT pair may trade within the range of 26,942 and 30,000 for some time.

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