Bitcoin remains under bearish pressure on Tuesday
- On Tuesday, the price of Bitcoin continued to fall, breaking through the $63,000 support level
Bitcoin chart analysis
On Tuesday, the price of Bitcoin continued to fall, breaking through the $63,000 support level. We created a new daily low at the $60164 level. The bearish momentum still looks very strong, which means further continuation to the bearish side. We are close to testing the $60,000 level before continuing further pullback. With today’s drop, we went below last week’s low, and we can say that Bitcoin is now on the bearish side.
The first support is at $59,000 as of September 18, and if it doesn’t hold, the next one is in the $57,500 zone. The September low is at the $52546 level. This morning’s bullish attempt to move above the EMA 200 and $64000 level was unsuccessful due to weak bullish momentum. That led to bearish consolidation and a drop in today’s low. Potential lower targets are the $59,000 and $58,000 levels.
The price is in a bearish consolidation below the $64,000 level for the second day in a row
For a bullish option, we need a positive consolidation and stabilization of Bitcoin price above the $62000 level. With that step, we would move away from the previous low. Then, we need to hold there before continuing to the bullish side. If we succeed in that, we can hope for a return above the daily open level. There we are very close to the EMA 50 and EMA 200 moving average.
A quick recovery could easily pull Bitcoin above these two moving averages and gain their support. Potential higher targets are $64500 and $65000 levels. Today’s price drop is 5.0%, while since the beginning of the week it is 8.28%.
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