Bitcoin loses bullish momentum on Monday and drops again
- The price of Bitcoin rose yesterday to $64444 to a new weekly low
Bitcoin chart analysis
The price of Bitcoin rose yesterday to $64444 to a new weekly low. We expected to see further recovery, but there was a sharp reduction in the bullish momentum. The price then begins to pull back to the daily open level. Strong pressure continued to push the price below the EMA 200 and form a new daily low at the $62130 level.
There, Bitcoin received new support this morning and is starting to recover again but is limited to resistance at the $62800 level. From there, we descend again to test last night’s support zone. For now, the price is resisting the pressure and is holding above that level. We need an impulse to return above the EMA 200 and the $63000 level. That would put us back on the positive side. A better position for Bitcoin should increase optimism and trigger a bullish consolidation.
The price is faltering today after yesterday’s bullish swing to a new high
A jump above $63500 would be a good indication of a slow return to the bullish side. Potential higher targets are the $64,000 and $64,500 levels. For a bearish option, it is necessary to keep Bitcoin below the EMA 200 and the $62500 level. After that, we expect a bearish impulse and a drop to a new weekly low. Potential lower targets are $61500 and $61000 levels.
Market participants are now looking for potential drivers of change. Many are looking towards developments at the end of the year and the beginning of 2025. Broader factors, such as changes in US interest rates, also play an important role. BlackRock’s new options for spot bitcoin ETFs could spark renewed interest. Anticipation surrounding US ETFs boosted global bitcoin activity.
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