The price of Bitcoin has been under pressure since Wednesday

Bitcoin chart analysis

The price of Bitcoin is retreating for the third day in a row. Yesterday, we saw price resistance at the $65000 level, after which a further continuation to the bearish side was initiated. This led us to slide down to $63230 and form a new low there. Below, we are in a mild bullish consolidation up to the $64,500 level. For now, we have resistance here, and the additional pressure is the EMA 50 moving average.

There is a potential for a new, stronger, bullish impulse to emerge, breaking the EMA 50 and propelling Bitcoin back to the $65000 level. If Bitcoin can muster the strength for such a move, it could signal a return to a bullish trend and a continuation of its growth. Higher targets of $65500 and $66000 levels are within reach. This week’s high price is at the $66129 level, and surpassing it could pave the way to the next previous high from June at $71958.

Bitcoin is  in trouble and could pull back to the $62000 level once again

For a bearish option, we need a negative consolidation and a price drop below this morning’s support zone. We will form a new daily low by pulling up to the $63,000 level, thereby confirming the current price pressure. The EMA 50  still represents an obstacle to returning to the bullish side.

There is a possibility that Bitcoin’s price could continue its retreat to $62000 and test the EMA 200 moving average there. If this support fails to hold, we may see a break below to a new lower low. Potential lower targets are the $61,000 and $60,000 levels. It’s important to be prepared for such scenarios.

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