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Bitcoin is trading around $64,084 following a sharp technical correction after reaching $67,500, which coincided with the upper band of the uptrend channel formed since early June. BTC is currently trading at a pivotal level for resuming its uptrend.
Given that the Eagle indicator remains in overbought territory, we should exercise caution if we plan to buy Bitcoin, as it is technically showing a negative signal. It is likely that, following a sharp break below the uptrend channel, BTC could reach the 0/8 Murray level around $62,500 and might even hit the psychological level of $60,000.
If Bitcoin consolidates and rebounds above $64—where the lower band of the uptrend channel is located—it could give us a positive signal to buy in the coming hours, with targets at the 1/8 Murray level around $65,641.
A decisive breakout and consolidation above the 1/8 Murray level and above the 21 SMA could drive Bitcoin toward the 200 EMA zone at $68,621, which also coincides with the 2/8 Murray level and the upper band of the uptrend channel.
Based on the technical and fundamental outlook, Bitcoin is likely to reach the psychological level of $60,000 in the coming days. Therefore, we must be cautious, as if the price remains below $65,000, the outlook could remain negative.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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