Bitcoin price analysis

The bulls failed to defend the 20-day exponential moving average (EMA) of $26,947 on Aug. 31. That started a sell-off, which pulled Bitcoin below the breakout level of $26,833.

BTC/USDT daily chart. Source: TradingView

The price action of the past few days shows that the BTC/USDT pair has been oscillating inside the large range between $24,800 and $31,000. Typically, traders buy the dips to the support of the range and sell near the resistance. The same is expected from the bulls at $24,800.

If bears want to seize control, they will have to sink and sustain the price below $24,800. If that happens, the pair may extend the fall to $19,500. There is a minor support at $24,000, but that may not hold for long.

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