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Bitcoin is trading around $63,280, and we expect it to encounter strong resistance around $63,900, as this zone coincides with the 200 EMA. At the same time, BTC is trading within a downtrend channel that has been forming since August 8. Therefore, following a rejection at this strong resistance level, the instrument could resume its downtrend.
Given that Bitcoin has been consolidating above $62,500 over the past few days—after reaching this level, it rebounded—it could now signal an upward move and reach $63,900. We will look for opportunities to buy Bitcoin in the coming hours should the price continue to rise above the 21 SMA.
If Bitcoin settles above $63,000 in the coming hours, we could expect a positive outlook, as the strong 4/8 Murray support level presents a buying opportunity. So, BTC will likely continue rising until it reaches $63,900.
If Bitcoin maintains upward momentum and consolidates above $64,000, this could be a strong bullish signal, and we expect it to reach the 5/8 Murray level around $65,625.
If Bitcoin breaks below $62,500, it could turn sharply bearish, and we could expect the crypto to weaken, potentially reaching $61,771, which represents the lower band of the downtrend channel, and it could even hit the psychological level of $60,000.
Our short-term strategy is to buy Bitcoin whenever the price consolidates above $62,500 and to sell below $65,625.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
