According to the BitBull analyst, the bounce at the 50 MME of #Bitcoin aligns with a bullish pattern targeting US$148,000. The 50 MME has served as a reliable support level to initiate new rallies.

In June, for example, a brief drop below this support preceded a strong rally of 25%. BitBull argues that even a drop in the range of US$110,000 to US$112,000 would establish a perfect floor for Bitcoin, which could lay the groundwork for the next bullish phase.