Bitcoin chart analysis

Yesterday’s attempt by the price of Bitcoin to reach $60,000 was stopped at the $59,500 level. We had two bullish attempts in the previous two days, and both stopped at $59500. Yesterday, we saw the initiation of bearish consolidation from that level. The price fell below $58000 and below the EMA 200 moving average. The fall was stopped at the $57,200 level last night.

This morning, we were under new pressure, and the price of Bitcoin took another bearish step to the $56551 level. After this support at that level, a positive consolidation up to $57300 was initiated. We need a continuation of $57600, which would be supported by the EMA 50 moving average. If we succeed in that, the next target is the $58,000 level and the EMA 200 moving average. With one more impulse, the chances of getting moving average support to continue to the bullish side would increase.

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The price is under pressure now, again below the EMA 200 moving average.

Potential higher targets are $58500 and $59000 levels. For a bearish option, the price of Bitcoin would first have to drop to this morning’s support level of $56500. We will initiate a pullback below the $56,000 level if we fail to hold above. We are nearly testing the weekly open price at the $55830 level. Support would mean a lot to her because they would stay on the positive side.

There’s potential for a bullish scenario in Bitcoin’s price movement. A break below would negatively impact Bitcoin’s price. After that, we can only expect a further pullback and testing of lower support levels. However, potential lower targets are $55,000 and $54,500. This week’s low price is $54296.

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