Bitcoin price on the defensive since this morning
- Last night, a new Bitcoin price high was formed at the $65103 level
Bitcoin chart analysis
Last night, a new Bitcoin price high was formed at the $65103 level. Before that, we were moving in the $63800-$64500 range. Today’s picture is different, as we are looking at a price pullback from last night’s high. We did not manage to stay above the daily open price but moved to the bearish side. This only strengthened the bearish momentum, and now we are at $63700, where we are trying to form a daily low.
Despite the current bearish trend, there is potential for Bitcoin to return to the bullish side. The EMA 50 moving average, which moved to the bearish side after the price dropped below $63800, suggests that Bitcoin could take a deeper step down before returning to the bullish side again. Potential lower targets are $63000 and $62500 levels. The EMA 200 moving average is located below the $61900 level, indicating a possible upward movement in the future.
Monday keeps the price on the negative side for now and increases the bearish pressure
We need a positive consolidation and a move above the $63800 level for a bullish option. With that step, we return to the previous weekend’s movement ranking. This gives us hope that we will hold there before continuing the bullish scenario.
Anticipation of Bitcoin’s potential growth is high, but to realize this, we need to climb above the daily open price and the $24250 level. After that, we can expect Bitcoin to have enough strength to stabilize above that level before continuing further growth. The next important level is $65000, and we need a break above it to climb to a new high. Potential higher targets are the $65500 and $66000 levels.
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