The price of Bitcoin is back above $71,000 this morning

Bitcoin chart analysis

The price of Bitcoin continues to recover, climbing to the $71286 level today. We are currently at the $71170 level and expect to see a bullish trend with the formation of a new weekly high. At $71958, the price will test the May high. Potential higher targets are $72000 and $72500 levels.

Yesterday’s movement managed to keep us above $68,500 and initiated a positive consolidation with the support of the EMA50 moving average. That was enough for Bitcoin to stabilize and start a recovery. We now expect to see further growth to the bullish side by the end of the day.

Does Bitcoin have the strength to climb to a new May high?

If the bullish volume were to decrease, the price of Bitcoin would be forced to retreat. By falling below the $70,500 level, we are moving to the negative side, falling below the daily open price. This could negatively affect the further course of movement and strengthen the bearish momentum. After that, we are looking at the $70000 level, as this is where we will look for support in the EMA50 moving average.

Bitcoin’s inability to hold there will force it to take a step below that support. Momentum is building, and the price is sliding in search of new support. Potential lower targets are $69500 ​​and $69000 levels. EMA200 moving average, our higher support is in the $68700 zone.

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