Bitcoin price analysis

Bitcoin's narrow range resolved to the downside on Aug. 17, triggering a long liquidation, which pulled the price to $25,166.

The bulls are expected to defend the $24,800 level with vigor. The oversold level on the relative strength index (RSI) suggests that the BTC/USDT pair may witness a pullback or a consolidation in the near term.

If the price rebounds off $24,800 with strength, it could reach the 20-day exponential moving average (EMA) of $28,786. This is an important level to keep an eye on. If the price turns down from the 20-day EMA, it will suggest that bears are selling on rallies. That could increase the likelihood of a break below $24,800. If that happens, the pair may nosedive to $20,000.