Economy 19-07-2024 08:01 11 Views

The price of Bitcoin has been under pressure since Wednesday

The price of Bitcoin has been under pressure since Wednesday

The price of Bitcoin is retreating for the third day in a row. 

Bitcoin chart analysis

The price of Bitcoin is retreating for the third day in a row. Yesterday, we saw price resistance at the $65000 level, after which a further continuation to the bearish side was initiated. This led us to slide down to $63230 and form a new low there. Below, we are in a mild bullish consolidation up to the $64,500 level. For now, we have resistance here, and the additional pressure is the EMA 50 moving average.

There is a potential for a new, stronger, bullish impulse to emerge, breaking the EMA 50 and propelling Bitcoin back to the $65000 level. If Bitcoin can muster the strength for such a move, it could signal a return to a bullish trend and a continuation of its growth. Higher targets of $65500 and $66000 levels are within reach. This week’s high price is at the $66129 level, and surpassing it could pave the way to the next previous high from June at $71958.

 

Bitcoin is  in trouble and could pull back to the $62000 level once again

For a bearish option, we need a negative consolidation and a price drop below this morning’s support zone. We will form a new daily low by pulling up to the $63,000 level, thereby confirming the current price pressure. The EMA 50  still represents an obstacle to returning to the bullish side.

There is a possibility that Bitcoin’s price could continue its retreat to $62000 and test the EMA 200 moving average there. If this support fails to hold, we may see a break below to a new lower low. Potential lower targets are the $61,000 and $60,000 levels. It’s important to be prepared for such scenarios.

 

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