BTCUSD chart analysis

The price of Bitcoin formed its new four-week high at the $17420 level this morning. Currently, the price of Bitcoin is forming a minor pullback as the previous bullish impulse has slowed down. We are now testing support at the $17250 level. A price breakout below could cause the price of Bitcoin to fall further to the $17,000 level. If the consolidation around that level continues, the bearish pressure could increase. This would lead to a breakout below, and we are looking for the first next support at the $16750 level. A potential lower target is the $16500 level. For a bullish option, we need positive consolidation and a return to the previous high. A break above would bring us closer to the $17,500 level. Then we would have to hold above and, with a bullish impulse, start a further recovery. Potential higher targets are $17750 and $18000 levels.