Bitcoin chart analysis

On Monday, the price of Bitcoin rose to the $70016 level. After a month and a half, we visited this level again. The price quickly lost momentum up there, and we had to initiate a retreat. Shortly after that, we saw a drop to $66300. After a short consolidation up to $67,500, the price encountered a new resistance there and began a new decline with the formation of a weekly low at the $65,300 level.

This morning, Bitcoin successfully held on to that level and started a recovery above the $66,000 level. Then we saw another bearish impulse, but this time to $65500. Now, the price is in a bullish consolidation and has already recovered to $66500. We expect to see further progress to $67000, where we will test the EMA 200 moving average.

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Consolidation in the previous 24 hours provides support for the price of Bitcoin to initiate a recovery

With the support of the 200 EMA, the price of Bitcoin would gain stronger support to continue to the bullish side. If we stabilize there, it will be pretty easy for us to initiate positive consolidation and continue further growth. Potential higher targets are $67500 and $68000 levels. In the $68250 zone, we will test the weekly open price before continuing to the previous high.

For a bearish option, we need to consider the potential for a negative consolidation and a drop in Bitcoin’s price to the $65500 support zone. This scenario could indicate the formation of a new low and the continuation of this week’s bearish consolidation. It’s important to be aware of potential lower targets, such as the $65,000 and $64,500 levels, as well as last week’s low at the $63424 level.

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