Bitcoin price at a multi-year high at the $59,000 level

Bitcoin chart analysis

The price of bitcoin is currently jumping to a new high at the $59077 level. The last time we were here was in December 2021. On Monday, we watched the price struggle to stabilize above the $52,000 level. After she succeeded in doing so, a bullish impulse followed, which took us above $54,000 by the end of the day, forming a high at the $54,969 level.

Shortly after that, a new bullish impulse occurred, and the price jumped above the $56,000 level. Bitcoin remains high on Tuesday, forming a new high at the $57615 level. From that level, we see a minor pullback and movement in the $56700-$57400 range. The pressure on the price led to a new bullish impulse in the previous hour, and we saw a jump to a new high at the $59077 level.

Does Bitcoin have the strength to test the $60,000 level?

Bitcoin is in a strong surge, which could influence us to start forming a new high, and the potential higher targets are the $59,000 and $59,500 levels. We need a pullback to the previous consolidation at the $57000 level for a bearish Bitcoin price option. Returning to that zone would increase the bearish pressure on the price to make a new bearish move.

With a break below the $56,700 level, we would see the formation of a new daily low. This confirms the bearish momentum, and we expect to see a further pullback of the price to lower levels. Potential lower targets are $56500 and $56000 levels.

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