The price of Bitcoin could fall below $60,000 level again

Bitcoin chart analysis

The price of Bitcoin rose to $63,794 on Monday. Without the strength to continue further to the bullish side, the price stopped there and initiated a pullback. On Tuesday, the decline to the bearish side continued and we lost the support of the EMA200 moving average. Support at $62,500 was also broken, after which the price continued to slide below $62,000.

Last night, we had a short-term consolidation in the $61750-$62300 range. During the morning Bitcoin loses ground again and falls below last night’s support zone. In just a few hours, the price dropped to the $60,500 level. We received support at that level, which caused the price to move up to the $61,000 level. We need a continuation of the positive consolidation if we plan to look at the recovery on the bullish side.

Bitcoin price is back below the EMA200 moving average again, reinforcing bearish momentum

Potential higher targets are the $61250 and $61500 levels. A retracement above $62000 and a test of the EMA200 would be ideal for the price, as it would return to the positive side above. For a bearish option, Bitcoin must reattack this morning’s low. A new visit to that level would be proof of the price’s inability to initiate a recovery. This increases the chances of seeing a descent to a new weekly low.

Potential lower targets are $60250 and $60000 levels. We are here close to Friday’s low at the $59923 level. Going down there, Bitcoin could attack last week’s low at $58456. This would be considered a strong bearish trend with the potential formation of a new lower low.

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