Bitcoin has a chance to start the weekend above $71000

Bitcoin chart analysis

For the fourth day in a row, the price of Bitcoin is successfully maintained above the $70,000 level. On Wednesday evening, we saw the formation of a weekly high at the $71,759 level. This morning, the price successfully tested the $70,000 level and moved back to $71,000. We received support from the EMA50 moving average and formed a daily high at $71430.

Our analysis points towards a potential continuation of the bullish trend, with the possibility of testing the weekly high. Bitcoin would need to make another bullish impulse for this to materialize. Excitingly, potential higher targets are at the $72000 and $72250 levels, offering a promising outlook for Bitcoin’s future.

The $72000 level is smiling at us, does Bitcoin have the strength for that step?

We need a negative consolidation and pullback below the $70775 level for a bearish option. The price thus retreats below the daily open price, the price at which a security first trades during a regular trading session, and descends to the negative side. The EMA50 moving average and its support are now our resistance. After that, the only thing left for Bitcoin is to go into retreat lower.

Potential lower targets are $70500 and $70000 levels. The EMA50 moving average, a trend-following indicator, and this week’s bullish option support, indicating a positive market sentiment, is in the $69600 zone.

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