Bitcoin price could cross $64000 if it continues to rise
On Friday evening, Bitcoin’s price stabilised at the $60,000 level.Bitcoin chart analysis
Friday evening saw Bitcoin’s price stabilise at the $60,000 level, followed by a bullish consolidation over the weekend that led to a rise to the $62800 level. The positive note here is that we are now back above the EMA200 moving average, which provides strong support for our current position.
This morning, the price continued to rise to $63,725, with a slight open at that level and a potential pullback to $63250. However, this could trigger a bearish consolidation unless we find new support soon. The key level to watch is $62675, this week’s open price. If we manage to stay above, we will have a solid foundation for initiating a new bullish consolidation above the $64000 level, with potential higher targets at $64500 and $65000. It’s worth noting that we were at the $65,000 level just two weeks ago.
Bitcoin has been bullish since Friday; does it have the strength to continue that trend this week?
A fall in the price of bitcoin below the weekly open price and the $62,675 level could have a negative impact. The price would be under pressure to go into a deeper pullback and search for better support. At the $62000 level, we will meet the EMA200 moving average. Hopefully, today’s momentum has created enough room for the price to consolidate above the EMA200. If it succeeds in that, we start with a new positive consolidation and attack today’s high.
A drop below the moving average and the $62,000 level would increase bearish momentum for further retreat. Potential lower targets are $61500 and $61000 levels. This brings us back to the weekend support zone.
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