Bitcoin could slip to $50000 if it doesn’t get support soon

• At the start of the weekend, we saw Bitcoin pull back to the $50519 support level. 

Bitcoin chart analysis

At the start of the weekend, we saw Bitcoin pull back to the $50519 support level. There has been an increase in bearish pressure on the price as we have broken below the EMA200 moving average. Fortunately, Bitcoin managed to consolidate at that level and initiate a bullish consolidation from that low. And by the end of the day, the price had returned above the $51,500 level.

The week brought us a continuation of that consolidation, and we were moving in the $51400-$51800 range above the EMA200 moving average. We can single out one bullish impulse to the $51950 level, but we quickly returned below $51800.

Bitcoin under pressure at the start of this week

The price of Bitcoin on Monday fell under bearish pressure below the weekend support at the $51400 level. This leads to a bearish impulse and the formation of a daily low at the $50909 level. We are back below the EMA200, which could increase the pressure on Bitcoin to continue its pullback. Potential lower targets are $50800 and $50600 levels.

For a bullish option, the price would have to consolidate and recover above the $21250 level. Then, we need to hold there if we want to see bullish consolidation and price recovery. The next important target is the $51750 level. When we reach it, we will be close to testing the previous weekend’s resistance level at $51800. Strong momentum would have a chance to push us above and thus form a new daily high. Potential higher targets are $52000 and $52200 levels.