The price of Bitcoin is in a rush towards the $29000 level

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/10/Le-Bitcoin-repasse-les-19-000-dollars-du-coin-vendredi-14-octobre-2022.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin" decoding="async" loading="lazy" /></div><h1><b>The price of Bitcoin is in a rush towards the $29000 level</b></h1>
<ul>
<li aria-level="1">On September 11, the price of Bitcoin started the current <a href="https://www.financebrokerage.com/eurusd-new-bullish-momentum-above-ema50-from-1-04485/">bullish</a> rally from the $24920 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Today’s chart review will be on a four-hour time frame in order to give us a broader overview of Bitcoin price movements in the previous period, and based on that, we will analyze the future potential trend.</p>
<p>On September 11, the price of Bitcoin started the current bullish rally from the $24920 level. By the end of that week, we managed to climb up to the $26,800 level. In the following week, bitcoin continued to grow up to $27500, and there it encountered the first obstacle. After that, we see a bearish consolidation to support at the $26000 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-231989 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/ahKAeEfZ-1024×620.jpg" alt="Bitcoin chart analysis" width="1024" height="620" /></p>
<h2><strong>Initiation of a new bullish consolidation</strong></h2>
<p>The price gets the desired support at the $26,000 level and initiates a new bullish consolidation that formed a new high at the $28,592 level last Monday. We encounter new resistance at that level and pull back to the $27,200 support level. There, we form a higher low and start the current bullish consolidation that pushes us to the $28000 level.</p>
<p>During this period, we have support in the EMA50 moving average, which gives us optimism that we could climb up to the $29,000 level. In this way, we form a new higher high and confirm the dominance of the bullish trend. The previous time we were in that zone was in the last week of August.</p>
<p>For a bearish option, we need a pullback below the EMA50 moving average and a $27,000 support level test. If we could see it on the chart, we could think about a further fall in the price of Bitcoin to lower previous levels. The decline could be deeper to support in the $26000-$26200 zone. The current picture tells us that Bitcoin is in a bullish surge, and there is no bearish indication on the chart on the 4h time frame.</p>
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