Bitcoin continues to stick to the bullish side on Tuesday
The price of Bitcoin is moving above $56,500, sliding from $58,000, ahead of the next consumer and producer price reports and the first debate between Donald Trump and Kamala Harris. After forming a new high last night, the price lost its previous momentum, taking a step back to the $56,400 level. We find new support just above the EMA 200 moving average.
This triggered Bitcoin to turn bullish again and climb to the $57300 level. Moving above the daily open price is promising, and we could see further progress to the bullish side. We expect a breakthrough of last night’s high and a transition to a new one. Potential higher targets are the $59,000 and $60,000 levels.
If Bitcoin fails to deal with the daily open price, we will see a descent below into negative territory. After that, we will see a retest of today’s low and EMA 200 moving average. This time, we need a break below the moving average line. We expect a test of $55900 and EMA 50. A continuation below will strengthen the bearish momentum, directing us toward the $55000 yesterday’s support zone.
With that step, the price of Bitcoin moves to a new weekly low, reinforcing the current bearish pressure to return to the weekend movement zone. Potential lower targets are the $54,000 and $53,000 levels. Depending on the strength of the bearish trend, a retest of Friday’s low at $52546 is also possible.
