Bitcoin had been witnessing a tough tussle between the bulls and the bears near the 200-day simple moving average ($45,692) for the past few days. The bears pulled the price below the 200-day SMA on Aug. 17 but they could not break the 20-day exponential moving average ($44,183) support.
Aggressive buying at the 20-day EMA pushed the price back above the 200-day SMA on Aug. 19. The rising 20-day EMA and the relative strength index (RSI) near the overbought territory indicate that bulls are in control.
If buyers sustain the price above $48,144, the BTC/USDT pair could pick up momentum and rally to $51,500 where the bears may again mount a stiff resistance. If bulls can arrest the subsequent decline above the 200-day SMA, it will signal strength and increase the prospects of the continuation of the uptrend.
A breakout of $51,500 could lay the tracks for a possible up-move to $60,000. This bullish view will invalidate if the price turns down and breaks below the breakout level at $45,451.67.