The price of Bitcoin is climbing above $62,000 on Monday

• On Friday evening, the price of Bitcoin retreated to the $60,176 level. 

Bitcoin chart analysis

Despite the retreat, a new support level at $ 60,176 sparked a positive consolidation, a promising sign that lasted through the previous weekend. On Sunday afternoon, we witnessed the price stabilizing above $61500 and the EMA50 moving average, further bolstering our optimism.

In that zone, we had resistance in the EMA200 moving average that did not allow us to move above. This morning we first saw bitcoin price volatility and a pullback to the $60800 support level. After the formation of support at that level, we saw three strong bullish impulses up to the $63000 level.

Strong impulses bring Bitcoin price back above $62000

We managed to break above the EMA200 and make a significant move above it. Now we need to hold up there to form a bottom above the EMA200 and the $62000 level. After that we can expect to see further growth in the price of Bitcoin. Potential higher targets are $63500 and $64000 levels.

For a bearish option, we need a pullback below the EMA200 and the $62000 level. With these steps, we return to the bearish side and we can only hope for further decline to lower levels. Before that, we will test today’s low price at the $60800 level. If it does not last, the withdrawal of the price of Bitcoin to a new daily and weekly low is expected. Potential lower targets are $60500 and $60250 levels.