For the previous two days, Bitcoin has been correcting in a downward channel. For the previous two days, the bulls have been striving to defend the 100-day simple moving average ($54,064), but the thin bounce shows a lack of urgency to accumulate at the present level. The down-sloping 20-day exponential moving average ($58,521) and the relative strength index (RSI) below 39 indicate that bears are in control. If the price rebounds off the current level, the bulls may hit a wall at the 20-day EMA. To signify that the correction may be finished, the bulls must push the price above the channel and keep it there. On a break, the pair might gain positive momentum and close above $61,000.