Bitcoin price is turning to the bearish side again
- Yesterday, Bitcoin’s price retreated to 56138 levels, a new weekly low
Bitcoin chart analysis
Yesterday, Bitcoin’s price retreated to 56138 levels, a new weekly low. Before that, we saw a bullish attempt to reach the $60,000 level, but we were stopped at $59,650. The EMA 200 moving average created additional pressure on the price in that zone, after which we saw a bearish consolidation to the weekly low. Fortunately, Bitcoin quickly stabilized and stopped further retreat.
Then, the price returned above $ 57,000, and the day closed at $57557. This morning, the recovery and growth on the bullish side continued until the $58500 level. This position is promising as we are testing the weekly open price and the EMA 50 moving average. If we can maintain this momentum, Bitcoin will return to the positive side, instilling hope and optimism in the market.
The new move down takes Bitcoin away from the bullish path
That would be another opportunity to test the EMA 200 and try to get back below that resistance level. The price would have a new chance to return to $60,000 and even surpass yesterday’s high, potentially reaching exciting new levels. Potential higher targets are $60500 and $61000 levels. For a bearish option, the price would have to turn to the bearish side again and away from the weekly open price. Staying below intensifies bearish pressure by directing Bitcoin to a pullback and break of the previous bullish formation.
Such a move would trigger bearish momentum and push the price to lower levels. Potential lower targets are the $57500 and $57000 levels. It will be crucial to see if we go down to test the daily open price at $57550. This level could be a turning point for Bitcoin’s future trend, underlining its significance for the market.
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