Bitcoin price under new pressure at the start of the week
On Friday, Bitcoin’s price pulled back below the $60,000 level.
Bitcoin chart analysis
On Friday, Bitcoin’s price pulled back below the $60,000 level. After a short consolidation and EMA 200 support, the price started a recovery. That rally over the weekend was limited, as we saw a recovery to the $62,000 level. After reaching that level, Bitcoin again showed signs of weakness and started a new pullback.
So, on Sunday, we saw another bearish consolidation and a drop below the EMA 200 moving average. The price continued to fall, forming a weekend low at the $58330 level. This morning’s picture is no better, and we had one bearish impulse to a new low of $57681. Bitcoin managed to hold above that level and climb up to $58500. On the upside, we have strong resistance at $59,000 and need a strong bullish impulse to jump to a new daily high.
The price fell below $60,000 under pressure yesterday, and the chances of continuing the pullback are growing
If Bitcoin succeeds in this, the chances of us starting a further recovery to the bullish side will increase. Potential higher targets are the $60,000 and $61,000 levels. The EMA 200 moving average will test the price in the zone of the $59800 level. With the new support, we can hope to rise to last week’s high at $62729.
For a bearish option, Bitcoin needs to hold below $59000 and EMA 200. This would increase price pressure, which would trigger a bearish consolidation. The $58000 level seems very important, as we see an attempt to consolidate in that zone. Holding too long could produce a bearish impulse and the formation of a new weekly low. It shows that Bitcoin is in trouble, and a pullback is coming. Potential lower targets are the $57000 and $56000 levels.
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