Bitcoin Price Analysis #BTC💹
Bitcoin bounced off the support at $56,552 on July 12 and rose above the 20-day simple moving average ($59,422) on July 14, indicating that the bulls are attempting a comeback.
The positive divergence in the Relative Strength Index (RSI) suggests that selling pressure is reducing. If buyers hold the price above the 20-day SMA, the probability of a rally to the crucial level of $64,602 increases.
However, the bears are unlikely to give up without a fight. They will try to defend the 20-day SMA and push the price below it. If they manage to do that, the BTC/USDT pair could retest the support at $56,552.
The bulls pushed the price above the downtrend line on the 4-hour chart but are struggling to hold the higher levels. This suggests that the bears are trying to catch the aggressive bulls by driving the price down further.
If the price pulls back, it is likely to find support at the 20-SMA. If the price bounces off the 20-SMA, it will indicate a change in sentiment from selling on the rise to buying on the decline. This will increase the prospects of a rally to $64,602.
On the contrary, if the bears take the price below the moving averages, it will indicate that they are still in control. The pair could fall to USD 56,552 and finally USD 53,485.
