Bitcoin chart analysis
The price of Bitcoin successfully broke above the $67000 level. A new weekly high was formed at the $67241 level. After that, we saw a pullback to support at the EMA50 moving average up to $66000. We remain above and return to the previous bullish consolidation. We are now at $66800 and getting closer to the $67000 level.
We expect to break above that level again soon and see Bitcoin price make a new weekly high above $67250. Potential higher targets are $67500 and $67750 levels. In this way, we return to the movement zone of two weeks ago.
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Will Bitcoin manage to reach the $68000 level this week?
If the bullish trend weakens, the price of Bitcoin could initiate another pullback. By falling below $66400, we move to the negative side below the daily open price. In the zone around $66300, we will test the EMA50 moving average and care support.
The inability to maintain above, leads to a drop to a new two-day low and thereby only strengthens the bearish momentum. Potential lower targets are $66000 and $65750 levels.
We can expect greater support in the EMA200 moving average around $65400. If the bearish consolidation continues, the price of bitcoin will have to test the weekly open price at the $64950 level. Below that level, we will step deeper and deeper into a bearish trend.
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