Bitcoin price pulled back to new support this morning
Yesterday’s attempt by the price of Bitcoin to climb to a new weekly high was stopped at the $58050 level
Bitcoin chart analysis
Yesterday’s attempt by the price of Bitcoin to climb to a new weekly high was stopped at the $58050 level. We just missed testing the previous high at $58070. After that, there was a decline in the bullish momentum, and the price initiated a pullback from that resistance zone. We had the first attempt to stop the fall last night at the $57500 level. New rising bearish price pressure is gaining this morning, and we have seen a strong bearish impulse below the support zone.
Bitcoin continued to fall regardless of the EMA 200 moving average, which we had support on Monday and Tuesday. This caused the price to drop to a new daily low at the $56,000 level. For now, we have support at that level and are moving back above the EMA 200 moving average. The current price movement is sideways in the $56000-$56750 range.
Today’s price pullback below the moving average has shaken the previous uptrend
If we don’t see a jump above $57000 soon, the price will continue with the bearish scenario and break below today’s low. This will form a new one and confirm the continuation of the bearish momentum. Bitcoin remains to look for new support and stop at a new low. Potential lower targets are $55500 and $55000 levels.
If Bitcoin’s price returns above $57000, supported by the EMA 200 moving average, it could remain bullish. After that, the price has an opportunity to continue to the daily open price and wipe out this morning’s losses. With a return to the positive side, Bitcoin can test the weekly high and try to climb to a new one. Potential higher targets are the $58500 and $59000 levels.
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