Bitcoin price initiated a bullish consolidation on Tuesday

The price of Bitcoin rose to the $61,600 level on Tuesday. 

Bitcoin chart analysis

The price of Bitcoin rose to the $61,600 level on Tuesday. A new weekly high was formed at that level. The price stopped there and began to pull back to the $60300 level. Today’s movement takes place in the $60500-$61200 range. Due to the stability in this range, we expect to see further progress in the price of Bitcoin to the bullish side.

With Bitcoin jumping above $61500, we would be within reach of testing yesterday’s high. If the bullish impulse strengthens, we will quickly climb to a new weekly high. With that step, we expect a return above $62000 and further progress to the bullish side. Potential higher targets are $62500 and $63000 levels. The August high is at the $65580 level.

Bitcoin’s attempt to stabilize above $60000 today could be of great benefit to us for a bullish trend

The EMA 200 moving average supports the price, and as long as it is above the line, it will be on the positive side of the trend. We need a negative consolidation and Bitcoin price pullback to the $60,000 level for a bearish option. With that step, we go below this morning’s moving range and will have to test the support of the EMA 200 moving average.

If we don’t have the strength to hold on there, the price will fall further below to a new daily low. This will strengthen the bearish momentum and pressure Bitcoin to continue down to the weekly open price in the zone of the $58750 level. By moving below, we will be on the bearish side and could test this week’s low at $57681. Increased fear and momentum could easily crash the price and create a new lower low. Potential lower targets are $57500 and $57000 levels.

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