Bitcoin price under pressure since the beginning of the week
Bitcoin’s price continued its previous pullback on Tuesday
Bitcoin chart analysis
Bitcoin’s price continued its previous pullback on Tuesday. The price dropped below the EMA 200 moving average, a significant event that influences market sentiment, and $62000. Despite attempts to regain momentum, the market lacked the strength for a bullish move, leading to two strong bearish impulses down to $58090 last night. This formed a new weekly low, a crucial development for market analysis. The previous week’s low is now a step lower at the $57844 level, marking a clear trend in Bitcoin’s price movement.
Bitcoin managed to hold on there and stop further pullback. The impulse took us back up to $59500, and we are now trying to hold there. We remain under pressure as long as we are in the $59000-$59700 range. This confirms a slight bearish consolidation that is re-directing the price to the bearish side.
Strong bearish impulses pushed the price to a new weekly low last night
A new impulse could potentially move us to a new low, confirming further continuation towards lower levels. If the momentum is strong, forming a new weekly low is easily possible. Potential lower targets are the $57500 and $57000 levels. For a bullish option, we need a positive consolidation and return of Bitcoin’s price above the $60000 level. The significance of this level cannot be overstated. If Bitcoin succeeds in stabilizing there, it could have a significant impact on the market.
After the formation of a new higher position, the chances of further movement to the bullish side increase. This potential shift to the bullish side is an important factor to consider. Potential higher targets are $60500 and $61000 levels. The EMA 200 moving average is still in the $62000 zone, while the weekly open price is at the $64262 level.
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