The price of Bitcoin is on the rise and reaches $72000 again

Bitcoin price climbed back above $71000 after a week. 

Bitcoin chart analysis

Bitcoin price climbed back above $71000 after a week. On Saturday, we got support at $68000 in the EMA200 moving average, which positively affected the movement of Bitcoin. On Sunday, we stabilized above the $69,000 level. We had one bullish attempt at $70000 but returned to the 69000 level.

From the very start of this week, the price was in a strong bullish trend, which pushed us up to $71461. We are currently at $71,230 and are holding above the $71,000 level. We expect to continue up and visit the $72000 level. With that, we would climb to the new April high, and the potential higher targets are $72250 and $72500 levels.

We are close to the $72000 level, do we have the strength to move above it?

If the price of Bitcoin pulls back to $70,000, we will be under more pressure in that zone. With increased bearish momentum, the price is forced to retreat and look for a new support level. First, we look at the $69000 level because that is where we encounter the EMA50 moving average. The inability to hold above will push us to a new daily low and thus only increase the pressure on Bitcoin.

After that we look towards the $68000 level as the next support zone. Before that, we encountered the EMA200 moving average, which could slow down this pullback or even stop it in the zone around the $68350 level. Last week’s lows are much lower than the $66,000 level. For now, we stick to the bullish consolidation and hope for further recovery to the bullish side.

 

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