Bitcoin price continues its bullish rally on Wednesday
The price of Bitcoin rose this morning to a new weekly high of $64,795
Bitcoin chart analysis
The price of Bitcoin rose this morning to a new weekly high of $64,795. It managed to make a step above Monday’s high of $64,730. After that, the price starts a pullback and falls below the daily open level of $64260. Bearish pressure is present, and we are getting closer to testing the weekly open level of $63563. Additional support in that zone is the EMA 50 moving average, and we hope for its new support.
A break below the Bitcoin price would strengthen the bearish momentum to drop below the $63000 level. This is where we would be close to testing the weekly low before continuing with a further pullback to the bearish side. At $62500, we meet the EMA 200 moving average, which could slow the pullback or stop it. To continue on the bearish side, we need a break below as confirmation that we will be looking at a price collapse. Potential lower targets are the $62000 and $61500 levels.
This morning’s pullback is taking place within a larger bullish channel for now
The weekly open level seems to be very important for the future Bitcoin price trend. If we manage to hold above, we will continue to support the EMA 50 moving average. That would mean a lot to us because we would be in a good position to initiate a bullish consolidation. The return above $64,000 infuses optimism into further recovery, with the aim of breaking through the $65,000 level of resistance.
A strong bullish impulse would easily do that and thus confirm that the bullish momentum is growing. Potential higher targets are the $65000 and $65500 levels. After the Fed announced its decision to continue cutting interest rates last Thursday, Bitcoin has seen steady price growth day by day, almost over 10% in the past week.
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