The price of Bitcoin is on a bullish run above the EMA 200
- This morning, the Bitcoin price rose to the $62729 level, a new weekly high.
Bitcoin chart analysis
This morning, the Bitcoin price rose to the $62729 level, a new weekly high. On Wednesday, the price stabilized above the $55,000 level and continued its bullish consolidation. Yesterday, we saw the price return above the EMA 200 moving average and the $60000 level. We quickly stabilized at that level, after which we climbed to this morning’s high.
Bitcoin paused this morning at a new high and initiated a slight pullback to the $61,000 level. Here, we expect new support, from which we would again start with bullish consolidation. By moving above $61700, the price rises above the daily open price, and the chances of seeing further progress to the bullish side increase. Potential higher targets are the $63000 and $64000 levels. Last week’s high was at the $70016 level.
A significant bullish consolidation since Monday managed to bring price back above $6000
For a bearish option, Bitcoin’s price would have to first move back below $60000 and the EMA 200 moving average. After that, the next important level is $58,000, the weekly open price. By going below, we move to the negative side, and the bearish pressure for further withdrawal of the Bitcoin price increases considerably. After that, we can pay attention to the $56000 support level.
The price’s inability to sustain at that level will strengthen the bearish momentum, which will continue to bring down the price of Bitcoin. Potential lower targets are the $55,000 and $54,000 levels. The picture tells us that for now we can expect a recovery and a transition to a more specific bullish trend. If we manage to get our hands on the $70,000 level, who knows, maybe we’ll see the formation of a new all-time high.
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