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Bitcoin price under new pressure at the start of the week

by August 12, 2024
written by August 12, 2024

Bitcoin price under new pressure at the start of the week

On Friday, Bitcoin’s price pulled back below the $60,000 level. 

Bitcoin chart analysis

On Friday, Bitcoin’s price pulled back below the $60,000 level. After a short consolidation and EMA 200 support, the price started a recovery. That rally over the weekend was limited, as we saw a recovery to the $62,000 level. After reaching that level, Bitcoin again showed signs of weakness and started a new pullback.

So, on Sunday, we saw another bearish consolidation and a drop below the EMA 200 moving average. The price continued to fall, forming a weekend low at the $58330 level. This morning’s picture is no better, and we had one bearish impulse to a new low of $57681. Bitcoin managed to hold above that level and climb up to $58500. On the upside, we have strong resistance at $59,000 and need a strong bullish impulse to jump to a new daily high.

 

The price fell below $60,000 under pressure yesterday, and the chances of continuing the pullback are growing

If Bitcoin succeeds in this, the chances of us starting a further recovery to the bullish side will increase. Potential higher targets are the $60,000 and $61,000 levels. The EMA 200 moving average will test the price in the zone of the $59800 level. With the new support, we can hope to rise to last week’s high at $62729.

For a bearish option, Bitcoin needs to hold below $59000 and EMA 200. This would increase price pressure, which would trigger a bearish consolidation. The $58000 level seems very important, as we see an attempt to consolidate in that zone. Holding too long could produce a bearish impulse and the formation of a new weekly low. It shows that Bitcoin is in trouble, and a pullback is coming. Potential lower targets are the $57000 and $56000 levels.

 

The post Bitcoin price under new pressure at the start of the week appeared first on FinanceBrokerage.

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