Bitcoin Price Makes a Fresh Pullback Below $58000 Level

• Yesterday's attempt by the bitcoin price to reach $60,000 was stopped at the $59,500 level.

bitcoin Chart Analysis

Yesterday's attempt by the bitcoin price to break $60,000 was stopped at the $59,500 level. We had two bullish attempts in the previous two days, and both of them were stopped at $59,500. Yesterday, we saw the start of bearish consolidation from that level. The price fell below $58,000 and below the EMA 200 moving average. The decline was stopped at the $57,200 level last night.

This morning, we were under fresh pressure and the bitcoin price took another bearish step up to the $56,551 level. After this support at that level, a positive consolidation started up to $57,300. We need a continuation of $57,600, which would be supported by the EMA 50 moving average. If we succeed in that, the next target is the $58,000 level and the EMA 200 moving average. With one more push, the chances of getting the moving average support to continue towards the bullish side would increase.

bitcoin-chart-analysis-5-1024×573.jpg” alt=”bitcoin Chart Analysis” width=”1024″ height=”573″/>

The price is under pressure now, again below the EMA 200 moving average.

The higher potential targets are the $58,500 and $59,000 levels. For a bearish option, the bitcoin price would first have to fall to this morning’s support level of $56,500. We will initiate a pullback below the $56,000 level if we fail to sustain above it. We are almost testing the weekly opening price at the $55,830 level. The support would mean a lot for it because it would hold on the positive side.

There is a possibility of a bullish scenario in the bitcoin price movement. A break below this level would negatively affect the bitcoin price. After that, we can only expect a further pullback and the testing of lower support levels. However, the possible lower targets are $55,000 and $54,500. The low price for this week is $54296.