Bitcoin price is looking for support at the level of $62000
The price of Bitcoin continued its retreat over the weekend, falling below the 62500 level.Bitcoin chart analysis
The price of Bitcoin continued its retreat over the weekend, falling below the 62500 level. On Sunday morning, we had a recovery attempt that stopped at the $64300 level. On the upside, we have the EMA200 moving average, which has not allowed us to move above it.
This triggered another bearish consolidation on Sunday, and by the end of the day, we fell back below the $63000 level. This morning, the price of Bitcoin continued to pull back to a new weekly low at the $61943 level. We are currently at $62394 and are managing to hold above. It is possible that we will see the initiation of a positive consolidation and a recovery in the price of Bitcoin.
A continued retreat in the price of bitcoin could lead to a bigger drop
Potential higher targets are $62800 and $63000 levels. With the return above $63000, we climb above the weekly open price and move to the bullish side. In the zone of $63100 we will meet the EMA50 moving average and hope for its support for further recovery of the price of Bitcoin. The EMA200 moving average is at the $64175 level this time.
We need a negative consolidation and a new pullback below the $62000 level for a bearish option. With that step, we are surely going to a new weekly low, confirming the previous bearish consolidation. Potential lower targets are $61750 and $61500 levels.
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