Bitcoin price is finding support above the $62,000 level

Bitcoin price is finding support above the $62,000 level

The price of Bitcoin was under new bearish pressure below the $62000 level on Tuesday. 

Bitcoin chart analysis

The price of Bitcoin was under new bearish pressure below the $62000 level on Tuesday. We formed a new weekly low at the $61654 level. After the return above $62,000, a bullish consolidation was initiated up to the $63,000 level. We managed to jump over that level with a new impulse and climb up to $64375. We then move back up to $63800, looking for that new support zone.

This morning, we moved in the $63600-$64200 range. We had one bullish impulse to $64600, but we quickly returned back to the previous movement channel. The failure to trigger a recovery now pushes the price of Bitcoin below $63600, and thus we fall to a new daily low at the $63330 level. We have fallen below the EMA50 moving average, putting additional pressure on the price.

New pressure on Bitcoin at the $64000 level; does it have the strength to recover?

It is very possible that we will start a continuation of the current bearish consolidation and drop below the $63000 level. Then Bitcoin is in free fall and could continue even lower below the $62500 level. Potential lower targets are $62000 and $61500 levels.

We need positive consolidation and momentum above the $64500 level for a bullish option. This brings us back above the EMA50 and skips the previous movement zone. Then, we would have to hold above there to wait for a new impulse for a further continuation to the bullish side. Potential higher targets are $65000 and $65500 levels. The EMA200 moving average is up in the zone of $66000.

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