The price of Bitcoin rose to a new high this morning
- Over the weekend, Bitcoin’s price climbed above the $68,000 level.
Bitcoin chart analysis
Over the weekend, Bitcoin’s price climbed above the $68,000 level. With the support of the EMA 50 moving average, the bullish trend was strengthened, and a new high was formed this morning at the $68486 level. After the formation of this high, the price stopped there and initiated a pullback down to the EMA 50 at the $67250 level. We expect to see the first wobble here and an attempt to maintain above.
Bitcoin has been on a bearish trend for a couple of hours, and an impulse below a new daily low could happen. With that, we go below the moving average and lose its support. We will likely slip below $67000, strengthening the bearish momentum. After that, the next important target is $66,000 because, during the weekend, we already had one bearish impulse to that level. A new visit to that level will only strengthen and confirm the bearish option.
Will Bitcoin have the strength to continue its recovery this week?
Potential lower targets are the $65,000 and $64,000 levels. The EMA 200 moving average provides additional major support for Bitcoin’s price in the $65000 zone. Last week’s low was at the $60685 level. For a bullish option, we need a positive consolidation and price movement to the $68000 level. There, we will be close to testing the weekly open price. We would easily jump to a new weekly high with the new impulse.
This would be a sign to us that the Bitcoin price is gaining new strength and turning to the bullish side again. Potential higher targets are $69,000 and $70,000. With this, we climb into the June resistance zone.
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