Bitcoin price under pressure since the beginning of the week
- Bitcoin’s price continued its previous pullback on Tuesday
Bitcoin chart analysis
Bitcoin’s price continued its previous pullback on Tuesday. The price dropped below the EMA 200 moving average, a significant event that influences market sentiment, and $62000. Despite attempts to regain momentum, the market lacked the strength for a bullish move, leading to two strong bearish impulses down to $58090 last night. This formed a new weekly low, a crucial development for market analysis. The previous week’s low is now a step lower at the $57844 level, marking a clear trend in Bitcoin’s price movement.
Bitcoin managed to hold on there and stop further pullback. The impulse took us back up to $59500, and we are now trying to hold there. We remain under pressure as long as we are in the $59000-$59700 range. This confirms a slight bearish consolidation that is re-directing the price to the bearish side.
Strong bearish impulses pushed the price to a new weekly low last night
A new impulse could potentially move us to a new low, confirming further continuation towards lower levels. If the momentum is strong, forming a new weekly low is easily possible. Potential lower targets are the $57500 and $57000 levels. For a bullish option, we need a positive consolidation and return of Bitcoin’s price above the $60000 level. The significance of this level cannot be overstated. If Bitcoin succeeds in stabilizing there, it could have a significant impact on the market.
After the formation of a new higher position, the chances of further movement to the bullish side increase. This potential shift to the bullish side is an important factor to consider. Potential higher targets are $60500 and $61000 levels. The EMA 200 moving average is still in the $62000 zone, while the weekly open price is at the $64262 level.
