The bulls prevented the bears from dropping the Bitcoin price below $47000. After the price dropped below this level and reached a low of $46309, it began to recover. At the time of publication, Bitcoin is trading at $47260.
It is important for the bulls now to prevent the bears from dropping the price below the level of 47000 dollars. If the bears manage to lower the price below $47000, the price may intensify the decline and fall to the area of 45900. Further, the level of 44000 will be able to support the BTC/USD pair.
To start the recovery, the bulls need to rise above the 100-hour moving average around 48300 and overcome the resistance level of 48500. Moving above this level will open the way to the resistance level of 49300. After breaking this level, the BTC/USD pair will have a chance to try to overcome the 49800 level again.
The Relative Strength Index (RSI) is forming near the 50 level, showing an uptrend, which suggests a possible price recovery.
It is worth noting that the Santiment recorded a record inflow of Bitcoins to exchanges on August 26. This indicates the intention to sell Bitcoins in the near future. It can also lead to increased volatility. Consequently, Bitcoin may face more volatility in the coming days, especially in the face of critical support testing.