Bitcoin is increasingly stable above support at $62500
- Last week’s high price of Bitcoin was formed on Friday at the $64120 level
Bitcoin chart analysis
Last week’s high price of Bitcoin was formed on Friday at the $64120 level. Later during the weekend, the price moved in a sideways consolidation in the $62500-$63500 range with the support of the EMA 50 moving average. Monday brought us new bullish price impulses and a jump to the $647,730 level to a new September high. After forming a new high, Bitcoin retreated below $64000, and this morning, we saw new price support at the $62750 level.
From that level, a bullish consolidation and growth to the $63500 level were initiated. In this zone, we are testing the weekly open price, and we need a move above to the positive side. If we succeed in this, we return above the $64000 level and increase the momentum to continue on the bullish side. Potential higher targets are the $64500 and $65000 levels.
A stable bullish trend keeps us on the positive side this week as well
The Bitcoin price’s inability to move above the weekly open price will strengthen the bearish momentum. We will see the initiation of a bearish consolidation and a test of the previous low of $62750. New price pressure in that zone could cause a break below and a drop to a new weekly low. Potential lower targets are the $62500 and $62000 levels. The price expects possible support in the EMA 200 moving average in the $62000 zone.
Recent data reveals a surprising trend in the Bitcoin mining sector: Chinese miners still control the lion’s share of the global hash rate of the BTC network despite the country banning the practice in 2021. According to blockchain data from CryptoQuant CEO Ki Young Ju, Chinese mining pools currently control at least 55% of the global Bitcoin mining network.
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