Bitcoin's 200-day EMA acts as a strong resistance line... ”If it fails to break through, further declines are possible”

As Bitcoin rallies near $61,000, its 200-day exponential moving average (EMA) is acting as a strong resistance level.
On the 21st (local time), according to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin formed increasingly higher lows on the daily chart.
However, it has remained below the 200-day exponential moving average (EMA) for the past seven days.
In/Out of the Money Around Price Model
The In/Out of Market (IOMAP) is an index that analyzes cryptocurrency trading activity.
The Money Around Price model suggests that Bitcoin is facing relatively strong resistance compared to support on the downside during the recovery.
Bitcoin's 200-day EMA is formed at $59,423 (approximately 8.63 million yen), and the price is expected to rise from $59,500 (approximately 8.65 million yen) to $61,300 (approximately 8.65 million yen).
At this price range, over 1.51 million addresses purchased approximately 817,770 BTC.
This is because Bitcoin price broke through the 200-day EMA and then
A high level of demand is needed to break above the resistance levels of $61,383 and $62,323 provided by the EMA and the 100-day EMA.
This suggests that Bitcoin will not be able to break out of its current consolidation unless it breaks through these resistance levels, Cointelegraph reported.
Cryptocurrency analyst Mark Cullen
Cullen said in a post on X (formerly Twitter) on the same day that "If we can't break through these resistance levels, the price of Bitcoin will drop to $57,500 (approximately
"It could fall to $8.35 million or even retest the $54,500 level."