Connect with us

Hi, what are you looking for?

Economy

Bitcoin falls to a new weekly low on Tuesday below

Bitcoin falls to a new weekly low on Tuesday below 63000$

The price of Bitcoin retreated this morning to $62,859, a new weekly low

Bitcoin chart analysis

The price of Bitcoin retreated this morning to $62,859, a new weekly low. There was a lot of pressure on the price throughout yesterday. A pullback was initiated from the $65,600 to $63,000 level, and this morning, we saw a drop to a new low. For now, we have support at this low, and we have started a slight recovery to the $63900 level.

The price would have to continue the current momentum above $64250 if it wants to move above the EMA 200 moving average. This moves us to the positive side, and hopefully, Bitcoin will have the strength to initiate a bullish consolidation and continue its recovery. Potential higher targets are the $64500 and $64750 levels. The weekly open level is up at $65600.

 

A price drop below the EMA 200 moving average significantly increases the bearish pressure

On the other hand, a bearish option could see Bitcoin consolidating negatively below the $63000 level. We’re on the verge of breaking below and forming a new weekly low, which would confirm the bearish momentum. The price would then need to retreat and find new support, with potential lower targets at the $62500 and $62250 levels. The $62000$ level is a significant point, as a drop below it could trigger a longer-term bearish trend.

October is historically bullish, with nine of the previous 11 months ending in positive performance for Bitcoin. Additionally, the past five consecutive years, including bear market years, have seen gains ranging from 5.0% to 40% during this month.

 

The post Bitcoin falls to a new weekly low on Tuesday below appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, 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!

    World biggest companies

    You May Also Like

    Economy

    Top 15 Richest Self-made Men from 2000 to 2023 Welcome to our video showcasing the wealth evolution of the top 15 richest self-made men...

    Investing

    Israel carried out limited strikes in Iran early Friday in retaliation for Tehran firing a barrage of missiles and drones at Israel last Saturday....

    Latest News

    At least 21 people were killed, including two children, when a passenger bus plunged from a bridge in Mestre, Italy, near Venice on Tuesday,...

    Latest News

    Israel and Hamas have reached a deal for a four-day pause in fighting and the release of at least 50 women and children held...

    Disclaimer: Tradetalkslive.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 © 2023 tradetalkslive.com