The price of Bitcoin has been on a surge since last night
- Bitcoin’s price has been in a strong bullish consolidation since yesterday at $63424.
Bitcoin chart analysis
Bitcoin’s price has been in a strong bullish consolidation since yesterday at $63424. After some consolidation, we managed to move above the $65000 level and get support from the EMA 200 moving average. After that, the growth continued this morning up to $67,500. The price stopped there and held steady above $66900.
In this hour, we see the initiation of a bullish impulse up to $67300, and we are getting closer to climbing to a new daily high. Potential higher targets are the $68,000 and $68,500 levels. In the $68000 zone, we will meet the weekly open price, and it will be interesting to see how the price of Bitcoin will behave in that zone. With the momentum above, we will test the weekly high formed on Monday at the opening of this week’s session.
Bitcoin’s recovery has started; does it have the strength to continue?
With these steps, we are moving to the positive side, which would strengthen optimism for further growth towards the $70,000 level. For a bearish option, we need a negative consolidation and a descent below the $66500 level to begin with. Thus, we descend below the previous support zone. After that, we expect to see an increase in bearish momentum and a further pullback in Bitcoin.
At $65800, we will test the daily open price and the EMA 50 moving average. Crossing below, we descend to the negative side and succumb to bearish pressure. In the $65500 zone, we will try to hold above the EMA 200 moving average to gain its support. Potential lower targets are $64500 and $64000 levels.
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