After five months the price of bitcoin is below 54000$ again

Bitcoin chart analysis

On Wednesday, Bitcoin broke below the crucial support at the $60,000 level, intensifying the bearish momentum that continued to push the price down. On Thursday, Bitcoin failed to recover; instead, we saw a drop to the $57,000 level. We found the first support there, after which the price initiated a positive consolidation up to the $58,750 level.

At that point, we encounter new resistance and turn to the bearish side again. A new bearish consolidation broke through the previous low at $57000, and the price of Bitcoin fell to the $53550 level. Now, we are trying to hold on there to stop further decline. A slight recovery to $54275 is enough for a reversal, but it is the first step towards it. If the price falls again, it will descend to a new low.

Bitcoin is under pressure; are we in for a further pullback?

Potential lower targets are the $53000 and $52000 levels. However, we do not rule out a visit to the $50,000 level. We need a first stop and price stabilization above the $54000 level for a bullish option. This is a crucial step. After that, we need an impulse above the $55000 level. This will trigger a bullish consolidation and move away from the previous low.

If we succeed in this, Bitcoin will have enough momentum to continue its recovery to the bullish side. Potential higher targets are $56000 and $57000 levels. A return to $57,000 would neutralize today’s losses. The EMA50 moving average is at $58,000, while the EMA200 is around $60,600.

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