Bitcoin Price Analysis: Bulls Push BTC Above Key Moving Averages
Bitcoin surged above the 50-day SMA at $61,759 on Aug. 23, indicating a reduction in bearish pressure. The 20-day EMA has turned upward, and the RSI is now in positive territory, signaling a potential bull comeback. A minor resistance level is at $65,660. If bulls clear this, BTC/USDT could rally to $70,000.
However, bears might try to drag the price back below the moving averages, targeting $57,787 and potentially $55,724.
Currently, BTC is facing selling pressure around $65,000. Bulls will aim to defend the 20-EMA; a rebound from this level could lead to a break above $65,660. Conversely, a drop below the 20-EMA may see BTC fall to the 50-day SMA, suggesting bulls are losing grip.
Keep an eye on these key levels! đ #Bitcoin #CryptoMarket #BTCUSDT #Analsis
