Bitcoin chart analysis

On Wednesday, the price of Bitcoin fell below the $60,000 level after a little over a month. A low was formed at the $59672 level. After that, on Thursday, we saw the initiation of a positive consolidation up to the $64000 level. We stopped there last night, and during the morning, there was instability again on the Bitcoin chart, and the price made a new drop, this time to the $59629 level.

With that, we dropped to a new weekly low. We quickly gained new support and returned above the $61,000 level. From there, a positive consolidation was initiated up to the $65,000 level. With that, we form a four-day high at that level. We stopped there because we encountered the EMA200 moving average in that zone. We need a new impulse that would move us above to a safer position.

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Bitcoin is below 60000$ again this morning, is a new lower low waiting for us soon?

If we succeed in that, we could test the weekly open price at the $65750 level. Potential higher targets are $66000 and $66500 levels. We need a negative consolidation and a drop below the $63500 level for a bearish option. With that, we fall below the daily open price to the bearish side. After that, we wait for new pressure on Bitcoin to start a further pullback in search of a new support level.

Testing $61000 could be decisive for the price of Bitcoin. New volatility and a drop below could easily send Bitcoin to a new monthly low. Potential lower targets are the $60,000 and $59,000 levels.

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