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Bitcoin is trading around $66,747, having reached the upper band of the uptrend channel formed since July 5. The price may struggle to continue rising, as a technical correction could occur in the coming hours.
Given that Bitcoin has reached overbought levels, as seen on the H4 chart—where the Eagle indicator has hit 95 points—this suggests a potential technical reversal in the coming hours toward the 1/8 Murray zone. BTC could even retreat to the 0/8 Murray zone around $62,500.
In case of a technical correction, we should monitor to ensure the price does not exceed $67,000. Below this zone, we could look for opportunities to sell in the coming days until the price reaches the lower band of the uptrend channel around $63,000.
Given that the likelihood of a technical correction is higher than the probability of Bitcoin continuing to rise in the coming hours, we should exercise caution and only look for a clear signal to open short positions. Our entry target is a price trading below the lower band of the uptrend channel.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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