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Bitcoin climbed above the 50-day simple moving average ($63,926) on July 15, indicating that the bulls are on a comeback.

The bears pulled the price back below the 50-day SMA on July 16, but the long tail on the candlestick shows solid buying at lower levels. If the price sustains above the 50-day SMA, a rally to $70,000 is possible.

On the contrary, if the price turns down and breaks below the 50-day SMA, it will signal that demand dries up at higher levels. The bears will then try to sink the BTC/USDT pair to the 20-day SMA ($59,952).