Bitcoin price is recovering from last night’s drop to $66400
- The price of Bitcoin retreated to the $66,400 level last night, close to the previous weekly low.
Bitcoin chart analysis
The price of Bitcoin retreated to the $66,400 level last night, close to the previous weekly low. With the new support, a bullish consolidation. Today, it has surged back above $67,000, and we anticipate its continuation above the $67,500 level. This upward trend is expected to be bolstered by the support from the EMA50 moving average, further strengthening the bullish momentum.
The EMA50 moving average, a key technical indicator, is expected to play a crucial role in the Bitcoin price movement. It is anticipated to provide significant support at the $68500 zone, which is the next major resistance. A bounce from here would keep us far from the weekly high at $70167. However, a bearish scenario could unfold if the Bitcoin price fails to move above the EMA50, leading to a negative consolidation.
The pressure is now on the $67000 level, will Bitcoin have the strength to hold there?
If it does, it could signal a continuation of the bullish trend. If it doesn’t, we might see a further drop in price. A significant price drop to $66,500 would not only break this morning’s bullish formation but also push the price below the daily open price. This could potentially trigger a further pullback, increasing the pressure on the price. If the price goes down to $66,250, we could be under more pressure to test the $66,000 weekly low, which could worsen the overall picture for Bitcoin.
That could further worsen the picture for Bitcoin and send it to a new weekly low. Potential lower targets are $65750 and $65500 levels.
