BTC fell below the 20-day simple moving average ($116,305), indicating that bears are trying to make a comeback.

Price forecasts 25/07: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI

Daily chart BTC/USDT. Source: Cointelegraph/TradingView

However, it is unlikely that bulls will give up easily. They will aggressively defend the zone between the 20-day SMA and the support of $110,530. If the price rises sharply from the support zone, this suggests that sentiment remains positive and traders are buying on dips. This increases the possibility of a breakout above $123,218. If this happens, the BTC/USDT pair could surge to $135,729.

This optimistic view will be negated in the short term if the price continues to fall and drops below $110,530. This could accelerate selling, pulling the pair toward the top.$BTC $ETH $SOL