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Bitcoin is trading around $61,041, reaching the 61.8% Fibonacci retracement level. We could expect a technical bounce around this area, as Bitcoin has found strong support.
If Bitcoin consolidates above $61,000 in the next few hours, we could expect it to reach the 0/8 Murray level around $62,500 and even continue rising to the 1/8 Murray level around $65,625.
Conversely, a drop below $61,000 could make Bitcoin fall to the -1/8 Murray level around $59,375. We could even expect it to touch the lower band of the descending trend channel around $57,338.
The Eagle indicator is showing oversold levels; hence, technically, Bitcoin is expected to continue bouncing above the psychological level of $60,000 in the coming days. In an extreme scenario, it could reach -1/8 Murray around the June 5th low of $59,300.
If Bitcoin consolidates above $61,000, the outlook could be positive and would be viewed as a buy signal with targets at the upper band of the descending trend channel around $68,750.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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