Bitcoin's price action.
Bitcoin fell for two days in a row as bears mounted an attack against the daily moving averages, the SMA 50 in particular. Bitcoin has made many efforts since Aug. 8 to surpass the daily SMA 50 at $61,556, signaling that bears are attempting to turn the level into resistance.
At the time of writing, BTC was up 0.43% in the last 24 hours to $58,423, returning to highs of $58,633 after falling to lows of $56,120 in Thursday's trading session.
If Bitcoin sustains its current rebound, the bulls might again attempt to drive BTC prices above the daily SMA 50 and 200. If they succeed, Bitcoin may begin a climb to $70,000. Bears are anticipated to vigorously protect the range between $70,000 and $73,750.
On the downside, a break and close below $56,000 might mark the beginning of a wider decline, in which Bitcoin could fall to $49,000.
