Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Bitcoin price is recovering from last night’s drop to $66400

Bitcoin price is recovering from last night’s drop to $66400

The price of Bitcoin retreated to the $66,400 level last night, close to the previous weekly low. 

Bitcoin chart analysis

The price of Bitcoin retreated to the $66,400 level last night, close to the previous weekly low. With the new support, a bullish consolidation. Today, it has surged back above $67,000, and we anticipate its continuation above the $67,500 level. This upward trend is expected to be bolstered by the support from the EMA50 moving average, further strengthening the bullish momentum.

The EMA50 moving average, a key technical indicator, is expected to play a crucial role in the Bitcoin price movement. It is anticipated to provide significant support at the $68500 zone, which is the next major resistance. A bounce from here would keep us far from the weekly high at $70167. However, a bearish scenario could unfold if the Bitcoin price fails to move above the EMA50, leading to a negative consolidation.

 

The pressure is now on the $67000 level, will Bitcoin have the strength to hold there?

If it does, it could signal a continuation of the bullish trend. If it doesn’t, we might see a further drop in price. A significant price drop to $66,500 would not only break this morning’s bullish formation but also push the price below the daily open price. This could potentially trigger a further pullback, increasing the pressure on the price. If the price goes down to $66,250, we could be under more pressure to test the $66,000 weekly low, which could worsen the overall picture for Bitcoin.

That could further worsen the picture for Bitcoin and send it to a new weekly low. Potential lower targets are $65750 and $65500 levels.

 

The post Bitcoin price is recovering from last night’s drop to $66400 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com