Bitcoin price is back to the support zone again this morning

• Yesterday’s bullish consolidation of the Bitcoin price was stopped at the $61182 level

Bitcoin chart analysis

Yesterday’s bullish consolidation of the Bitcoin price was stopped at the $61182 level. We got close to the EMA 200 moving average there, but we didn’t have enough momentum to move above and continue to the bullish side. This led us to see the initiation of another bearish consolidation below the $60,000 level.

Bitcoin retreated to the $58,688 level this morning, forming a new daily low there. The price managed to briefly stop further retreat and recover to the $59500 level. Another step up around the $59800 level is the EMA 50 moving average, which could delay further recovery and send the price back to the bearish side. If we see an impulse above, we can hope for growth to the $60,000 level.

The price is holding below the EMA 200 moving average, is there a hint of a further pullback?

Now, with the moving average’s support, we can feel more reassured about the potential for a bullish trend. The next open is in the $61000 zone in the EMA 200 moving average. If we were to skip it, Bitcoin would have great momentum and a stronger recovery. Potential higher targets are the $61500 and $62000 levels, reinforcing our confidence in the potential for a bullish trend.

For a bearish option, we need to be cautious and aware of the potential risks. A negative consolidation and descent to this morning’s low at $58500 could create new price pressure at that level, leading to an impulse below to a new low this time. By going down to $58,000, we will be able to test the weekly low at $57,866. Potential lower targets are the $57500 and $57000 levels, highlighting the need for caution and risk awareness.