🔥🔥BTC Technical Analysis

Bitcoin bulls attempted to push the price above the 50-day simple moving average ($61,314) on August 20, but the bears managed to defend this level.

A small positive in favor of the bulls is that they have not given up yet and are trying to push the BTC/USDT pair above the 50-day SMA. If they succeed, the pair could pick up momentum and surge to $65,660 and then $70,000. The bears are expected to mount a serious challenge in the $70,000 to $73,777 zone.

A key support level to watch on the downside is $55,724. If this level is broken, the pair could plunge to $49,000.

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