The price of Bitcoin was close to $72000 on Tuesday

Strong bullish momentum on Monday pushed the price of Bitcoin to the $71958 level. 

Bitcoin chart analysis

Strong bullish momentum on Monday pushed the price of Bitcoin to the $71958 level.   After more than a month, we are back behind the $70,000 level again. After the formation of this high yesterday, the movement was in the $70800-$71500 range. A bearish consolidation was initiated as we failed to move above the upper line.

The price falls below the $70800 support level and descends to the $69150 level. We stop here and come across the EMA50 moving average, which gives us support at that point. Today’s Bitcoin price movement is in the $69200-$70200 range. We have support in the EMA50 moving average; the only question is whether it will hold. 

The price is under pressure below the $70,000 level; does it have the strength to go back up?

A slight bearish pressure is present on the chart, which could negatively affect the price of Bitcoin. With the bearish impulse, we descend to a new daily low and thus confirm that we are under pressure. Potential lower targets are the $68,000 and $67,000 levels. Additional support in the $67000 zone is the EMA200 moving average.

If the Bitcoin price manages to hold above $69,000 and the EMA50, it will have a chance to go back above the $70,000 level again. Moving up to $70200, we return to the positive side as we break above the daily open price. Potential higher targets are $71000 and $72000 levels.

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