Bitcoin price continues to move below the $65000 level

On Thursday, we saw the price of Bitcoin drop to a new weekly low of $62785.

Bitcoin chart analysis

On Thursday, we saw the price of Bitcoin drop to a new weekly low of $62785. We find support there and quickly return above the $63,000 level. By the end of the day, the price rose to $65,300 and formed a daily high there. After that we pull back again and return to negative territory below the EMA200 moving average.

Today’s movement of Bitcoin is in the $64000-$64500 range. We remain under pressure, which could lead to a drop below $64,000 at the new daily low. After that we look at yesterday’s support zone as we may retest it soon. Potential lower targets are $63500 and $63000 levels.

We remain under pressure below the EMA200 and are looking down

For a bullish option, Bitcoin price should initiate a positive consolidation and return above the EMA200 and $65000 levels. Then, we have to hold on above and form a new bottom at that level. Only if we succeed in this will we have the opportunity to start a new positive consolidation and see a new recovery in the price of Bitcoin.

Potential higher targets are $65500 and $66000 levels. Above these levels is the movement zone from the beginning of this week, $66000-$67000. The movement of Bitcoin here could decide the longer-term trend, whether we go above $70000 or down again to the $60000 level.

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