Bitcoin is in retreat after yesterday’s jump to $73794 level

Bitcoin chart analysis

On Thursday morning, the price of Bitcoin rose to a new all-time high at the $73794 level. This was followed by a bearish consolidation, first to the $68500 level. We managed to stay there and return above the $70,000 level in the next hour. The price also finds support in the EMA200 moving average. With that support, we climb up to $72,000, and there, we encounter new resistance.

Additional price pressure in that zone creates the EMA50 moving average. After that, we are looking at another strong price pullback, this time to the $67000 level. With that, we break below the EMA200, which only increases the pressure on the price of Bitcoin. Then, this morning, we consolidated in the $67,000-$69,000 range.

Bitcoin price could drop below $65,000 for the first time this week

A new bearish impulse lowers the price to a new weekly low at $65569. The price is quickly moving back above the $67,000 level, but now resistance has fallen to $68,000. This could be a new level from which we would start a further retreat, perhaps to a new weekly low. Potential lower targets are the $66,000 and $65,000 levels.

If we stabilize above $68,000, we would have the opportunity to move up to $69,000 and test the weekly open price there. Moving above, we return to the bullish side and are close to reaching the EMA200 moving average in the zone around the $69500 level. By breaking that level as well, we are back above $70,000, and it will be much easier for us to continue the recovery. Potential higher targets are the $71000 and $72000 levels.

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