Bitcoin Manages To Maintain A Bullish Consolidation

Bitcoin chart analysis

The price of Bitcoin is again in a bullish surge since it received support at the $60,000 level yesterday. The EMA 50 moving average provides additional support in that zone. We are now at $61200 and on our way to this week’s high. The momentum should continue through the weekend, which would move us to a new weekly high.

The main target is the $62500 level, because above that the bullish momentum will gain even more power to push the price of Bitcoin. After that, the price would enter the area of ​​a pure bullish trend, and we should have no resistance there for further recovery. Only at the $70,000 level could we expect further pressure on the price.

(Click on image to enlarge)

Bitcoin chart analysis

 

The price has been rising since yesterday, and we expect to see it at higher levels for the weekend

For a bearish option, the price of Bitcoin would have to initiate a new bearish consolidation. We need a drop below $60,000 to get a concrete sign that the price is weakening. EMA 50 would then be on the bearish side and exert additional pressure on that level. With that, we would form a new daily low and confirm that we are expecting a deeper pullback in the coming period.

We would consider a fall in Bitcoin’s price to $59500 a strong bearish hint of a larger pullback to come. The next lower support zone is $58500-$59000. If the price does not hold, it will have to test the weekly open level at $58430. Potential lower targets are the $58250 and $58000 levels. The weekly low price was on Monday at the $57844 level.


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