Bitcoin price jumps to a new all-time high at $69210

Bitcoin chart analysis

Yesterday, Bitcoin’s price reached a new all-time high of $69210. Finally, the previous high of $69,000 was broken. We stopped there, after which a strong bearish consolidation was initiated, and the price fell to $59313. A new weekly low has been formed, and Bitcoin is receiving new support.

We then climb above $62000 and get support from the EMA200 moving average. Bullish consolidation and growth above $65,000 soon followed. We didn’t stop there, and Bitcoin continued up to the $67550 level. We are currently in strong bullish momentum and could expect a new test of the zone around the $69,000 level. Potential higher targets are $69250 and $69500 levels.

Are we heading for a new Bitcoin high or are we heading for a pullback?

For a bearish option, we need a pullback of the Bitcoin price to the $66000 zone. A fall below that zone would confirm the formation of a lower high at $67550. This confirms that the price is losing momentum and that we are moving to the bearish side. This leads to a slide below $65000, increasing the bearish pressure on the price of Bitcoin.

Potential lower targets are the $64,000 and $63,000 levels. Additional support can be found in the zone around $62000 in the EMA200 moving average. Bitcoin’s current market cap is 1.3 trillion dollars, and the volume in the last 24 hours was about 100 billion dollars.

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