The price of Bitcoin is climbing above $66000 this week
- The price of Bitcoin rose to the $65,000 level yesterday.
Bitcoin chart analysis
The price of Bitcoin rose to the $65,000 level yesterday. After testing that zone, there was a loss of momentum, and we saw the initiation of a bearish consolidation up to $62446. There, we met the EMA 50 moving average, which stopped the further pullback. From there, the price initiated a new bullish consolidation that, after a short time, broke above $65000.
Bitcoin made a new weekly high this morning at the $66129 level. We are now at $65700 and have pulled back slightly. The price could continue to retreat to $65000, and the daily open price could be tested there. With the maintenance above, we will stay on the positive side. After that, we need a positive consolidation in order to retest this morning’s high. If the bullish momentum continues, the price should form a new weekly high. Potential higher targets are $66500 and $67000 levels.
Bitcoin remains in a strong bullish run; is there strength for higher levels?
With a pullback below the daily open price, we will see a return below the $65,000 level. This could signal a shift in the market sentiment from bullish to bearish, as we move away from the previous bullish trend and slowly turn to the bearish side. In the zone around the $64000 level, we will be close to retesting the EMA 50 moving average, which is the support we received yesterday.
There’s a possibility that we could run out of support, leading to a potential slide in Bitcoin’s price to new daily lows. It’s important to be cautious, especially with potential lower targets at $63000 and $62000 levels. The EMA 200 moving average and weekly open price are down around $61000, and as long as we are above those levels, we will be on the positive side.
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