Bitcoin Price Analysis
Bitcoin turned down from the 50-day SMA ($61,577) on Aug. 14 but bounced off the solid support at $55,724 on Aug. 15, suggesting buying on dips.
The bulls will again try to propel the price above the 50-day SMA. If they manage to do that, it will suggest that the selling pressure is reducing. The BTC/USDT pair may then attempt a rally to $65,659 and thereafter to $70,000.
Contrary to this assumption, if the price turns down from the moving averages, it will signal that the bears are active at higher levels. The pair may then consolidate between the 50-day SMA and $55,724 for some time. The pair may tumble to $49,000 if the $55,724 support gives way
$BTC
