Bitcoin price continues to pull back on Monday
- Over the weekend, Bitcoin’s price continued its bearish consolidation
Bitcoin chart analysis
Over the weekend, Bitcoin’s price continued its bearish consolidation. In front of us was the EMA 50 moving average, which directed the bearish trend. In the weekend session, the price fell to a new weekly low of $57,131. With that, we fell below Friday’s low and formed a new lower low. All this indicates that Bitcoin should continue on the bearish side.
In this morning’s session, the price managed to stabilize and return above the $58,000 level. A daily high was formed at $58250, and we met the EMA 50 moving average, a key factor in our analysis. We are closely monitoring the situation, as a break above this moving average could signal a shift to the bullish side. During the weekend, this EMA 50 was our resistance, but with a new impulse, we could see a surge to a new high, strengthening the bullish momentum. With the support of the moving average, the chances of a significant recovery increase.
New price pressures influence us to stay on the bearish side and test lower levels
Potential higher targets are the $59,000 and $59,500 levels. In the $59700 zone, Bitcoin’s price will meet the EMA 200 moving average, and it will be interesting to see how it behaves in that zone. For a bearish option, the price would have to initiate a negative consolidation and stay below the EMA 50 moving average. This confirms the continuation of the bearish side. After that, the price would retest the daily open level.
This time, we expect an impulse below and the formation of a new two-week low. Potential lower targets are the $56500 and $56000 levels. The next low that we have to pay attention to is from August 16 at the $56138 level.
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