The price of Bitcoin manages to stabilize above $66,000

• On Friday, we saw a drop in the price of Bitcoin to the $62332 level.

Bitcoin chart analysis

On Friday, we saw a drop in the price of Bitcoin to the $62332 level. With the new support level, a bullish consolidation and recovery was initiated on Saturday to the $66,000 level. At that level, we encountered an obstacle in the EMA200 moving average, and Bitcoin was forced to retreat and fall to the $64000 level. There we form a higher low and confirm the bullish channel started on Friday.

On Sunday, Bitcoin starts a new bullish consolidation from the new support, taking us above the $65000 level first. After the support at that level, we continued further up to the $66000 level. There, we tested the EMA200 moving average again, and with a new impulse, we crossed that obstacle and continued on.

Could Bitcoin Start a Consolidation and Return Above $70,000?

This brings us to a new weekend high at the $67630 level. With Monday’s loss, the price first wavered and retreated to the $66,400 support level. After that, we start with a new bullish consolidation that takes us to the daily high at the $67735 level.

For now, we are holding below it and returning to the new support at the $66800 level. Bitcoin manages to gain support at that level and form a higher low compared to this morning.

This confirmed that we have a new bottom from which we would start a further recovery on the bullish side. We are again above $67300 and on track to move to the $67600 zone. We are one step away from testing today’s high, and the potential higher targets are $67800 and $68000 levels.

For a bearish option, Bitcoin would have to pull back to the $66,000 level and put pressure on that support zone. A new pullback below could trigger a further price pullback that could last until the end of this week.