Bitcoin chart analysis

Bitcoin’s price, which fell to the $53550 level last Friday, gained significant support and recovered to the $58,000 level over the weekend. This recovery is a positive sign, indicating a potential bullish trend. However, on Sunday, we observed resistance at this level, leading to a bearish consolidation until this morning’s low at $54296.

Bitcoin manages to initiate a bullish consolidation from there and return above the $55000 level. Below, we see a bullish impulse and a jump to the $59953 level. On a positive note, we are now above the EMA 50 moving average and have its support for further recovery. The price could soon be above the $57500 level again. This will form a new daily high and strengthen the bullish momentum.

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The price dropped below $55000 again this morning, is there a further pullback?

Potential higher targets are the $58500 and $59000 levels. In the zone of $58500, the price of Bitcoin encounters the EMA 200 moving average, and it could expect the next major resistance there. For a bearish option, we need a negative consolidation and a return below the EMA 50 moving average and the $56500 level. After that, the next important level is $55800, this week’s open price.

A new pullback below it pushes us back to the bearish side, and thus, Bitcoin will be under considerable pressure to start a further pullback. A drop below $55,000 confirms this scenario. After that, the price could test this morning’s low at $54296. Potential lower targets are the $54,000 and $53,500 levels.

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