Connect with us

Hi, what are you looking for?


Bitcoin price swings above $59,000 level this Wednesday

Bitcoin price swings above $59,000 level this Wednesday

Bitcoin’s price has been in a bullish consolidation since Monday, a period of steady price movement within an upward trend.

Bitcoin chart analysis

Bitcoin’s price has been in a bullish consolidation since Monday, a period of steady price movement within an upward trend. On Monday evening, we saw a retest at the weekly open price. After that, the price started a bullish consolidation that continues today. A few hours ago, we saw a strong bullish impulse above the EMA 200 moving average. The price formed a new weekly high at $59459, and all indicators suggest that we can expect a continuation on the bullish side.

We are now looking for support at the $59,000 level to initiate a further recovery to the $60,000 level from there. We found support in the EMA 200, and the picture is more optimistic at the moment. By rising above $60,000, Bitcoin would not just strengthen but potentially skyrocket its bullish momentum. Potential higher targets are the $61000 and $62000 levels. The next important target is last week’s high at the $63794 level.


The recovery started this week, do we have the strength for further growth?

For a bearish option, the price of Bitcoin is required to return below the EMA 200 moving average again. This is the first sign that we are losing strength again and moving slowly to the bearish side. In the zone around the $57500 level, we meet the EMA 50 moving average, which has been our support for the previous two days. The impulse up to $57000 breaks below the support line. This only reinforces the bearish momentum that will continue to lower the price.

At $55830, Bitcoin will test the weekly open price. How it behaves there is crucial and will determine the future price level. Potential lower targets are the $55,000 and $54,000 levels.


The post Bitcoin price swings above $59,000 level this Wednesday appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

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

    Latest iteration of the Communications Service Provider (CSP) IoT Peer Benchmarking report from the world’s leading IoT analyst firm identifies the key trends shaping...

    Latest News

    Few congressional Democrats could muster a defense of President Joe Biden’s halting debate performance Thursday, opting instead to criticize former President Donald Trump for...


    A bitcoin exchange that collapsed 10 years ago after being hacked is set to return billions of dollars’ worth of the token to users — and...


    An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three...

    Disclaimer:, 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