Bitcoin price in bullish consolidation and rose since Friday

Bitcoin chart analysis

On Monday, we saw the Bitcoin price rise to $63444. We formed a new weekly high, after which there was a pause at that level, and the price began to retreat. By the end of the day, we saw a drop below the $63,000 level. Yesterday, the decline continued until the $61108 level, where we received support.

The move increased pressure on Bitcoin as it dipped below the EMA200 moving average. This morning we saw a slight bullish consolidation, and the movement is taking place in the $61200-$61900 range. We managed to reach the EMA200 moving average, and now we are waiting for a new impulse above that would start a bullish recovery. A break above $62000 could be considered the first step to the bullish side.

Can we skip the EMA200 for a return to the bullish side?

After that, we look towards the $62660 level, the starting point of yesterday’s bearish impulse. A potential higher target is the $62800-$63200 resistance zone. Returning to this zone, we can attack this week’s high and hope for further upward continuation.

We need a negative consolidation and pullback down to the $61500 support zone for a bearish option. There we also test the weekly open price at the $61462 level. An impulse below would push us to the negative side, which could reflect badly on the price of Bitcoin. Potential lower targets are $61000 and $60750 levels.

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