Yesterday’s bullish consolidation pushed the price of Bitcoin up to the $69500 level.
Yesterday’s bullish consolidation propelled the price of Bitcoin to the significant $69500 level. However, we encountered a halt, and the price started losing momentum, triggering a bearish consolidation. We breached the crucial $68000 support level, testing the EMA200 moving average. This morning, we witnessed an effort to initiate a bullish consolidation, but we faced resistance at the key $68750 level.
From that level, we turn again to the bearish side, drop below the EMA200 and test the $68,000 level of support. Additional pressure is created by the fact that we are below the weekly open price, bringing instability to the chart.
We require a fresh downward impulse and a breach below the $68000 level for a bearish scenario. This will lead to the formation of a daily low, confirming the bearish momentum. Potential lower targets are the significant $67750 and $67500 levels, bringing the Bitcoin price back to the weekly support zone around $67,000.
We need a positive consolidation and a breakthrough above the challenging $68750 level for a bullish scenario. This will mark a significant resistance level. With the upward momentum, we will establish a new daily high, initiating a further recovery to the bullish side. Potential higher targets are the promising $69,000 and $69,500 levels. If the growth persists above these levels, we could potentially test the optimistic $70,000 level.
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