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Bitcoin price analysis

Bitcoin has pulled back below the 20-day EMA ($58,338) on Sept. 16, indicating that the bears are applying pressure.

BTC/USDT daily chart. Source: TradingView

If the price turns up from the current levels, the bulls will make one more attempt to drive the BTC/USDT pair above $61,200. If they succeed, the pair could start a rally to $65,000. A break and close above $65,000 will negate the lower highs formation on the pair, which is a positive sign.

Conversely, a close below the 20-day EMA could tug the price to the vital support zone between $55,724 and $52,550.