Over the weekend, Bitcoin tested support at $65,000 level

Over the weekend, Bitcoin’s price remained under pressure below the EMA200 moving average. 

Bitcoin chart analysis

Over the weekend, Bitcoin’s price remained under pressure below the EMA200 moving average. On Saturday morning, we tried to test and move above $70000 but failed to do so. A bearish consolidation followed, dropping the price below the $67,500 level. The price also broke through that support level and continued until the end of the day to the $64775 level.

The price recovered to the $66,500 level on Sunday morning. In that first attempt, we stopped and encountered resistance. This led to a bearish impulse and a drop to the weekly low at the $64522 level. With the new support, we started a new recovery and successfully returned above the $68000 level by the end of the day.

Does Bitcoin have the strength to bounce back above $70,000?

In that zone, the new pressure of EMA200 does not allow us to move above it, and at the start of Monday, the price fell to the $67,000 level. This morning, the price consolidated positively, and bitcoin jumped to the $68900 level. Again, we failed to hold above the EMA200, which is already slowly starting to put more pressure on the price.

Based on this, we could see a new bearish impulse and a drop to a new daily low. Potential lower targets are the $66500 and $66000 levels. For a bullish option, we need to move again above the EMA200 and the $68800 level. Then, we also need to maintain ourselves there above. After forming a bottom at that level, we will have the opportunity to start a bullish scenario with positive consolidation. Potential higher targets are the $70000 and $70500 levels.

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