Bitcoin (BTC): brief price analysis by CoinTelegraph
Bitcoin bounced off the $66,000 level on July 21, but the recovery faltered near $68,500 on July 22, indicating that bears are selling on rallies.
If the $66,000 level breaks down, the BTC/USDT pair could drop to the 50-day SMA ($63,799) support. A solid bounce off the 50-day SMA will indicate that the sentiment has turned positive and traders are buying on dips. The bulls will then make one more attempt to kick the price to the stiff overhead resistance zone between $72,000 and $73,777.
Contrary to this assumption, if the price dives below the 50-day SMA, it will signal that the bears are in the driver’s seat. The pair could then drop to the 20-day SMA ($61,126).
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