Bitcoin price swings above $59,000 level this Wednesday

Bitcoin chart analysis

Bitcoin’s price has been in a bullish consolidation since Monday, a period of steady price movement within an upward trend. On Monday evening, we saw a retest at the weekly open price. After that, the price started a bullish consolidation that continues today. A few hours ago, we saw a strong bullish impulse above the EMA 200 moving average. The price formed a new weekly high at $59459, and all indicators suggest that we can expect a continuation on the bullish side.

We are now looking for support at the $59,000 level to initiate a further recovery to the $60,000 level from there. We found support in the EMA 200, and the picture is more optimistic at the moment. By rising above $60,000, Bitcoin would not just strengthen but potentially skyrocket its bullish momentum. Potential higher targets are the $61000 and $62000 levels. The next important target is last week’s high at the $63794 level.

The recovery started this week, do we have the strength for further growth?

For a bearish option, the price of Bitcoin is required to return below the EMA 200 moving average again. This is the first sign that we are losing strength again and moving slowly to the bearish side. In the zone around the $57500 level, we meet the EMA 50 moving average, which has been our support for the previous two days. The impulse up to $57000 breaks below the support line. This only reinforces the bearish momentum that will continue to lower the price.

At $55830, Bitcoin will test the weekly open price. How it behaves there is crucial and will determine the future price level. Potential lower targets are the $55,000 and $54,000 levels.

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