Bitcoin is under pressure below EMA 200 and $63000 level

Bitcoin price has been in a bearish trend since Monday at $65513. 

Bitcoin chart analysis

Bitcoin price has been in a bearish trend since Monday at $65513. After that, we watched a pullback below the $65000 level. Yesterday, we tried to hold above $63000 and succeeded in doing so for a short while. The bearish consolidation continued, and a drop below this support.

Additional price pressure increases the move below the EMA200 moving average. With that, we managed to fall to a new weekly low at the $62130 level. The picture is increasingly bearish, and we could easily slip below the $62000 level by the end of the day. Potential lower targets are the $61,000 and $60,000 levels. Looking at the bigger picture, bitcoin failed to form a new higher high and thus break the bearish trend.

We are again turning to the bearish side in search of new support

If we manage to get back above the EMA200 moving average and the $63000 level, I will have a good position from which we could start a bullish consolidation. By returning to the $64,000 level, we are testing the weekly open price there and we need another bullish step to move to the positive side.

With that step, we would be freed from the bearish pressure, and we could launch an attack on this week’s high at the $65500 level. By moving above, we form a new weekly high and thus, the optimism for further recovery increases. Potential higher targets are $66000 and $67000 levels. The main target for confirmation of a longer-term bullish trend is the $67,200 level.

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