Bitcoin is on track to return to $70,000 this week
- Over the weekend, Bitcoin price continued the bullish consolidation from Friday.
Bitcoin chart analysis
Over the weekend, Bitcoin price continued the bullish consolidation from Friday. On Saturday, we saw an impulse above $69000 and the formation of a new high at the $69420 level. After that, the price began a retreat that lasted until Sunday morning and supported at the $67,000 level. With that support, the price started a new bullish consolidation, rising above the $68,000 level.
On Monday, new bullish impulses for Bitcoin push it back above the $69,000 level, this time to a new high of $69,848. We are now at $69500 and trying to hold here to continue on the bullish side. We are very close to climbing to the $70000 level again. A new impulse would be ideal for that, and potential higher targets are $70500 and $71000 levels.
The price of Bitcoin is on the rise; does it have the strength to continue even higher?
For a bearish option, we need a negative consolidation and price pullback below the $69,000 level. This is a hint that the bearish momentum is intensifying, which could influence us to start pulling back to lower levels. At $68,264, we expect potential support because we will test the weekly open price and the EMA 50 moving average there.
If Bitcoin fails to hold above the current support, it could lead to a break below and the formation of a new weekly low. This would significantly increase bearish pressure and make it challenging for the price to maintain itself. Potential lower targets are the $67500 and $67000 levels. It’s important to note that there is additional major support in the $67,000 zone at the EMA 200 moving average.
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