Bitcoin price analysis Bitcoin bulls attempted to push the price above the moving averages
on August 14, but the bears held firme
The bears will try to strengthen their position and sink the BTC/USDT pair to the critical support at $55,724. This level is likely to attract strong buying from the bulls. If the price rebounds from $55,724, the bulls will again try to take the pair above the moving averages. If they are successful, the pair could start a rally towards $70,000. The bears are expected to fiercely defend the zone between USD 70,000 and USD 73,777.
On the downside, a break and close below $55,724 could signal the start of a deeper correction. The pair could then fall towards USD 49,000.
