Bitcoin is close to returning to the weekly open price

Bitcoin chart analysis

On Monday, Bitcoin’s price fell below $50,000 on two occasions. After the confirmation of support at that level, a bullish consolidation was initiated, which has remained current even today. This morning, we saw the formation of a new high at the $57300 level. This morning, we also retested the EMA 50 moving average and the $56,000 level. The support level, which looks stable, should reassure us and give us confidence that we can see the price of Bitcoin at a new daily high.

We will test the weekly open price at $58152, which could be a turning point for further movement. With a break above, we will wipe out this week’s entire loss and return to the positive side. The next impulse would push us to $60000, where we will test the EMA 200 moving average. If the bullish momentum continues, we will easily break this resistance and form a new weekly high.

The price is steadily recovering with support at the $56000 level and the EMA 50 moving average.

Potential higher targets are $62000 and $64000 levels. For a bearish option, the price of Bitcoin would have to first pull back below the EMA 50 and the $56,000 level. This would make the first negative step to the bearish side. We also test the daily open price in that zone, and when it falls below, we move to the negative side and confirm that we are under pressure.

After that, we have to continue the pullback and look for a new support level. On the downside, the $54,000 level is an important point for continuing the bearish trend. Potential lower targets are the $52000 and $50000 levels.

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