Bitcoin very close to $67000 on the wings of a weak dollar

Bitcoin chart analysis

From the very start of this week, the price of bitcoin behaved positively, which was reflected in the previous days. Wednesday was very bullish for the price as we had a strong bullish consolidation from $62000 to $66700. A new high was formed on Thursday morning. After that, the momentum weakens, and the price begins to retreat to the $64,600 level.

We meet the EMA50 moving average at this level and get its support. A positive consolidation has started, which takes us up to the $66,500 level, thus forming a new daily high. A minor pullback brings the price of Bitcoin down to $66150, and we expect to test the $66000 level soon.

Will we be able to move above the $67000 level?

Strategically, if we manage to move above the $ 67000 level, we could establish new support, paving the way for a continuation of the previous bullish consolidation. This could potentially lead to testing the weekly high and climbing to a new one, with potential higher targets at $67,000 and $67,500 levels. However, we must also consider a bearish option, which would require a negative consolidation down to the EMA50 moving average.

In the event that we do not receive EMA50 support, and the price moves below to test yesterday’s low at the $64600 level, it would break the previous bullish formation, indicating a decline in Bitcoin’s value. However, even in this bearish scenario, there is potential for recovery with new support. Potential lower targets are the $64,000 and $63,500 levels, with additional support in the $63500 zone being the EMA200 moving average.

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