The price of Bitcoin rose to $61,424 on Tuesday, which is this week’s high

Bitcoin chart analysis

The price of Bitcoin rose to $61,424 on Tuesday, which is this week’s high. After that, the price lost momentum and started a bearish consolidation. At $60900, we had strong resistance, which triggered two strong bearish impulses that pushed the price down to $58550. Bitcoin managed to hold there and stop further retreat.

This morning the price finds a new support at $59000 and starts a recovery. At $59400, we cross above the EMA 200 moving average and get its support. This pushed us to climb up to $59700 and form a new daily high. Here now there is a better chance to get back above $60000 and continue the rise to a new daily high. Now, we need new momentum to start the Bitcoin recovery.

A new bullish consolidation has started; we just need to maintain this trend

Potential higher targets are $60500 and $61000 levels. For a bearish option, we need a negative consolidation of the Bitcoin price back below the EMA 200 and a moving average of $59400. Going below, we lose the previous bullish momentum. The first below important level is the $59000 daily open price. The future movement will depend on how we move in that zone. The impulse below is a sign that the price does not have the strength to hold there and will begin to pull back.

In the $58500 zone, Bitcoin will be close to testing the weekly open price. There, we expect more support and a potential halt to further pullbacks. If the price continues to be under pressure, it will have no choice but to drop below to a new low. Potential lower targets are the $58,000 and $57,750 levels.