The S&P 500 (SPX) Index rebounded sharply from its intra-week lows to end the week on a flat note. Bitcoin also made a similar recovery from its weekly lows to finish with marginal gains of about 1%. The failure of the bears to capitalize on the weakness suggests that the lower levels are attracting buyers. The bears tried to deepen the pullback on Aug. 12, but the bulls purchased the dip in Bitcoin and are trying to maintain the price above the psychological level of $60,000.

Bitcoin’s volatility is keeping traders on the edge. The Crypto Fear & Greed Index, which hit a low of 17/100 on Aug. 6, rose to 48/100 on Aug. 9 and is again back into the extreme fear zone at 25/100 on Aug. 12.

Bitcoin turned down from the moving averages on Aug. 11, indicating that the bears are not willing to give up without a fight. The $55,724 level is the crucial support to watch out for on the downside. If this level breaks down, it will suggest that the sentiment remains negative and traders are selling on rallies.

That will open the doors for a fall to $49,000. On the contrary, if the bulls push the price above the moving averages, it will signal buying on dips. The BTC/USDT pair may then start its march toward $70,000. The sellers are expected to fiercely defend the $70,000 to $73,777 zone.

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

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