Bitcoin price fell under pressure yesterday to $66011
The attempt of Bitcoin price to break and hold above the $70000 level ended ingloriously.
Bitcoin chart analysis
The attempt of Bitcoin price to break and hold above the $70000 level, a key psychological barrier, ended ingloriously. After forming a weekly high at $70180, a significant resistance level, the price starts a bearish consolidation on Tuesday and falls to the $66011 level, a crucial support level. A breakout was made below Friday’s low at $68,400. We managed to stop the decline and stabilize above the $66000 level, another important support level.
After that, Bitcoin starts a recovery to the $67600 level. This morning’s price movement was in the $67000-$67600 range, forming a neutral formation, a period of indecision in the market. For now, we have pressure in the top line of this range. We need momentum above to break this neutral formation. If we succeed in that, the price should hold up there.
Is this a respite before another decline, or will Bitcoin start a recovery?
Looking ahead, Bitcoin has the potential to initiate a positive consolidation and continue its recovery. This could lead to higher targets at $68000 and $68500 levels. In the $68000 zone, we encounter the EMA50 moving average and are hopeful for its support, which could further drive Bitcoin’s recovery to the bullish side.
We need a negative and a drop below the $67000 level for a bearish option. With that, we move to a new daily low and turn to the bearish side. A new impulse, a sudden and significant change in market sentiment or trading volume, would quickly bring us down to test this week’s low at the $66,000 level. Potential lower targets are $65500 and $65000 levels.
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