🚀 Cointelegraph: Bitcoin price analysis
The bulls tried to push Bitcoin above the 20-day simple moving average ($59,650) on July 11, but the bears held their ground. This shows that the sentiment remains negative, and traders are selling on rallies.The onus is on the bulls to guard the zone between $56,552 and $53,485. If the price turns up sharply from the support zone, it will signal solid buying on dips. The bulls will have to overcome the barrier at the 20-day SMA to reduce the selling pressure. The BTC/USDT pair could then rise to the 50-day SMA ($64,532).
This optimistic view will be invalidated in the near term if the price continues lower and breaks below $53,485. If that happens, it will signal the start of a downtrend. The pair could plummet to $50,000, where the bulls will try to arrest the decline.
