Bitcoin turned down from $70,000 on July 29, indicating that the bears are defending the zone between $70,000 and $73,777. However, the traders do not seem to be worried about Bitcoin hitting a new all-time high.

Santiment said that a survey it conducted on X revealed that the majority of the participants expect Bitcoin to hit a new all-time high by October. Investors have been buying Bitcoin, anticipating a breakout from the sideways price action. According to the latest CoinShares report, Bitcoin witnessed healthy inflows of $519 million last week. That takes the July inflows to $3.6 billion and the year-to-date inflows to $19 billion.

Bitcoin reached $70,000 on July 29, but the bulls failed to sustain the higher levels. The long wick on the candlestick shows that bears are fiercely defending the $70,000 level. The bears will try to pull the price to the 20-day EMA ($65,304).

If the price turns up from the current level or the 20-day EMA, it will suggest that the dips are being bought. The bulls will then make another attempt to kick the BTC/USDT pair to $72,000 and eventually to $73,777. If bears want to prevent the upside, they will have to swiftly drag the price back below the moving averages. If they do that, it will suggest that the range-bound action may continue for a few more days.

Lastly please check out the advancement’s happening in the cryptocurrency world

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