The price of Bitcoin crosses the $65,500 level on Monday

Bitcoin chart analysis

Bitcoin price is rising today to a new high at $65583 level. During the weekend, we mostly moved in the zone around the $62,000 level. On Sunday evening, the price moved above the $63,000 level, while on Monday, we saw a strong bullish impulse to a new high. The price is currently at $65100 with a slight pullback and is trying to stay above that level.

If we succeed in this, we will have the opportunity to start a positive consolidation and attack the previous high. Potential higher targets are $66000 and $66500 levels. We would be very close to approaching the 2021 historical value of Bitcoin at the $69000 level.

Should we hope for a new ATH for Bitcoin, or is a pullback coming?

A drop in the price of Bitcoin to $64,000 would be the first bearish step that would significantly move us away from the bullish path. Below that level, we enter the zone of the previous movement $63000-$64000 range. The inability to return above, would increase the fear, and the pressure would be at $63000.

With the breakout below, we get a new daily low and confirmation of the bearish dominance of the chart. We then turn to support at $62000 from the weekend. If it doesn’t last and the price starts to slide below, then a bigger fall in Bitcoin could be predicted. Potential lower targets are the $61,000 and $60,000 levels. We will have additional support in the zone around $60,000 in the EMA200 moving average, which has been our support since January 26.

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