- On Wednesday, bitcoin broke below the crucial support at the $60,000 level, intensifying the bearish momentum that continued to push the price lower.
bitcoin Chart Analysis
On Wednesday, bitcoin broke below the crucial support at the $60,000 level, intensifying the bearish momentum that continued to push the price lower. On Thursday, bitcoin failed to recover; instead, we saw a drop to the $57,000 level. We found the first support there, after which the price started a positive consolidation up to the $58,750 level.
At that point, we found a new resistance and we are back on the bearish side. A new bearish consolidation broke the previous low at $57,000, and the bitcoin price dropped to the level of $53,550. Now, we are trying to hold there to stop a further decline. A slight recovery to $54,275 is enough for a reversal, but it is the first step towards it. If the price falls again, it will drop to a new low.
<source type="image/webp" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/07/bitcoin-chart-analysis-2-1024×573.jpg.webp”/>
<img decoding="async" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/07/bitcoin-chart-analysis-2-1024×573.jpg” alt=”bitcoin Chart Analysis” width=”1024″ height=”573″/>
bitcoin is under pressure; is a new pullback in store?
Possible lower targets are the $53,000 and $52,000 levels. However, we do not rule out a visit to the $50,000 level. We need a first stop and price stabilization above the $54,000 level for a bullish option. This is a crucial step. After that, we need a push above the $55,000 level. This will trigger a bullish consolidation and take us away from the previous low.
If we succeed, bitcoin will have enough momentum to continue its recovery towards the bullish side. Possible higher targets are the $56,000 and $57,000 levels. A return to $57,000 would neutralize today’s losses. The EMA50 moving average is at $58,000, while the EMA200 is around $60,600.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
