Bitcoin chart analysis

The price of Bitcoin retreated this morning to $62,859, a new weekly low. There was a lot of pressure on the price throughout yesterday. A pullback was initiated from the $65,600 to $63,000 level, and this morning, we saw a drop to a new low. For now, we have support at this low, and we have started a slight recovery to the $63900 level.

The price would have to continue the current momentum above $64250 if it wants to move above the EMA 200 moving average. This moves us to the positive side, and hopefully, Bitcoin will have the strength to initiate a bullish consolidation and continue its recovery. Potential higher targets are the $64500 and $64750 levels. The weekly open level is up at $65600.

A price drop below the EMA 200 moving average significantly increases the bearish pressure

On the other hand, a bearish option could see Bitcoin consolidating negatively below the $63000 level. We’re on the verge of breaking below and forming a new weekly low, which would confirm the bearish momentum. The price would then need to retreat and find new support, with potential lower targets at the $62500 and $62250 levels. The $62000$ level is a significant point, as a drop below it could trigger a longer-term bearish trend.

October is historically bullish, with nine of the previous 11 months ending in positive performance for Bitcoin. Additionally, the past five consecutive years, including bear market years, have seen gains ranging from 5.0% to 40% during this month.