The price of Bitcoin rose to a new weekly high this morning

Bitcoin chart analysis

This morning, the price of Bitcoin climbed to a new weekly high at the $66479 level. After its formation, we stopped there and started a pullback to support at $65325. The price is now putting pressure on that zone, which could produce a bearish impulse and drop to a new daily low. We expect to see a test of the $65,000 level before continuing bearish consolidation.

At $64500, Bitcoin will test the EMA 50 moving average. Yesterday, we managed to stay above it and start the recovery. This time, we are on a bearish trend and need a break below to continue the pullback. Potential lower targets are the $64,000 and $63,500 levels. The EMA 200 moving zone is waiting for us below in the $63000 zone, and there, we can hope for greater resistance to continue to the bearish side.

The price went to a new weekly high this morning, while we are now seeing a loss of momentum

For a bullish option, it is necessary for Bitcoin to successfully hold above the $65,000 level. We then need a climb to $65750 to break out of the current short movement zone. Thus, the price will form a smaller high that hints at a return to the bullish side. This is followed by the initiation of bullish consolidation, and we hope to test this morning’s high. Potential higher targets are $66500 and $67000 levels.

The price increase showed a significant growth in the total market capitalization of Bitcoin. Market capitalization currently stands at $1.297 trillion, up from last week’s $1.175 trillion. Bitcoin trading volume has doubled today, from under $20 billion over the weekend to over $40 billion.

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