- Today, Bitcoin price rises to a new high at $65,583.
Bitcoin chart analysis
Today, Bitcoin price rises to a new high at $65,583. Over the weekend, we mostly moved in the area around the $62,000 level. On Sunday evening, the price moved above the $63,000 level, while on Monday we saw a strong bullish push towards a new high. The price is currently at $65,100 with a slight pullback and is trying to stay above this level.
If we succeed, we will have the opportunity to start a positive consolidation and attack the previous rally. Possible higher targets are the $66,000 and $66,500 levels. We will be very close to approaching the 2021 historical value of Bitcoin at $69,000.
Should we hope for a new ATH for Bitcoin, or is a pullback coming?
A Bitcoin price drop to $64,000 would be the first bearish move that would take us significantly off the bullish path. Below this level, we enter the previous move zone between $63,000 and $64,000. Not being able to get back up will increase the fear and the pressure will be at $63,000.
With a break below, we get a new daily low and confirmation of bearish dominance on the chart. We then move to support at $62,000 as of the weekend. If this does not continue and the price starts to fall to the bottom, a further decline in Bitcoin can be expected. Possible lower targets are the $61,000 and $60,000 levels. We will have additional support in the area around $60,000 at the EMA200, which has been our support since January 26th.
