Bitcoin could pull back below $66000 by the end of the week
The bullish euphoria of the Bitcoin price subsided yesterday when we encountered resistance at the $7000 level.
Bitcoin chart analysis
The market sentiment, characterized by a strong upward trend or what we call ‘bullish euphoria ‘, of the Bitcoin price subsided yesterday when we encountered resistance at the $7000 level. However, the market sentiment quickly shifted to a downward trend, known as ‘bearish impulses’, with two strong bearish impulses, causing the price to fall to $67700. The fall did not stop there, and the price continued down to $66,343. We get the first support near the weekly open price of $66275.
After that, a recovery to the $68,000 level was launched. We are back above the EMA200 and expect to move to the bullish side again. The opposite happened, and price began to slide to the bearish side. This brings us down to the daily low at $66870 level, a significant level as it represents the lowest price Bitcoin reached during the day and brings us closer to yesterday’s low. A retest of that support would only add to the bullish momentum and push the price of Bitcoin to a new lower low.
Could a bearish picture of Bitcoin below the EMA200 moving average send us to a new low?
Potential lower targets are the $66,000 and $65,500 levels. It could trigger another positive consolidation if Bitcoin gains strength and returns above the EMA200 moving average and the $68,000 level. After that, in the $68500 zone, we will test the resistance in the EMA50. The move above reinforces optimism that Bitcoin has the strength to make a more concrete recovery.
As we look ahead, it’s important to consider potential higher targets for Bitcoin. These include the $69000 and $69000 levels, with $70,000 emerging as a significant target. Understanding these levels can provide valuable insights into the market’s future direction.
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