Bitcoin’s sharp recovery stalled at $66,128 on July 17, but the bears could not sink the price below the 50-day simple moving average ($63,806). This suggests that the bulls are buying on every minor dip.
The 20-day SMA ($60,380) has started to turn up, and the relative strength index (RSI) has jumped into the positive zone, signaling that the bulls are at an advantage. If the price sustains above $66,128, it will clear the path for a rally to the psychological level of $70,000.

Conversely, if the price turns down and breaks below the 50-day SMA (63,762), it will indicate that the bulls are losing their grip. The BTC/USDT pair could plummet to the 20-day SMA, where the bulls will try to arrest the decline.

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