Bitcoin manages to maintain a bullish consolidation
Bitcoin chart analysis
The price of Bitcoin is again in a bullish surge since it received support at the $60,000 level yesterday. The EMA 50 moving average provides additional support in that zone. We are now at $61200 and on our way to this week’s high. The momentum should continue through the weekend, which would move us to a new weekly high.
The main target is the $62500 level, because above that the bullish momentum will gain even more power to push the price of Bitcoin. After that, the price would enter the area of a pure bullish trend, and we should have no resistance there for further recovery. Only at the $70,000 level could we expect further pressure on the price.
The price has been rising since yesterday, and we expect to see it at higher levels for the weekend
For a bearish option, the price of Bitcoin would have to initiate a new bearish consolidation. We need a drop below $60,000 to get a concrete sign that the price is weakening. EMA 50 would then be on the bearish side and exert additional pressure on that level. With that, we would form a new daily low and confirm that we are expecting a deeper pullback in the coming period.
We would consider a fall in Bitcoin’s price to $59500 a strong bearish hint of a larger pullback to come. The next lower support zone is $58500-$59000. If the price does not hold, it will have to test the weekly open level at $58430. Potential lower targets are the $58250 and $58000 levels. The weekly low price was on Monday at the $57844 level.
