Bad start this week for Bitcoin, forming a new low
- On Friday, the price of Bitcoin in the $65000 zone was under increased pressure.
Bitcoin chart analysis
On Friday, the price of Bitcoin in the $65000 zone was under increased pressure. The loss of bullish momentum at that level increased the bearish pressure on the price, starting a pullback. Additional pressure was created by EMA 50 and EMA 200 from the upper side. Over the weekend, Bitcoin continued to slide, breaking through support at $60,000 on Sunday.
So last night, we saw the formation of a new weekly low at $57160. Starting this week on Monday morning, we continued with a strong bearish consolidation. After almost eight months, the price of Bitcoin fell below the $50,000 level again. A new low was formed at the $49647 level. After that, Bitcoin stopped further decline for the time being and recovered to the $53250 level.
Strong bearish consolidation pushes Bitcoin to new August lows.
The new price resistance at that level means we see a new bearish consolidation initiation. For now, we are at $52,000, but the bearish momentum is getting stronger, which could once again bring down the price of Bitcoin below the $50,000 level. Potential lower targets are the $49,000 and $48,000 levels. By descending to $48,000, we return to the movement zone from February.
For a bullish option, we need a positive consolidation and stabilization of the Bitcoin price above the $54000 level. If we succeed in this, we will have a new higher position to start a bullish momentum. By returning above the $55,000 level, optimism for a more concrete recovery will increase. Potential higher targets are the $56000 and $57000 levels. EMA 50 is in the zone of $58000, while EMA 200 is in the zone of $63000.
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