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Bitcoin is trading around $64,069 above the 21 SMA and within the uptrend channel that has formed since early June.
Over the weekend, Bitcoin managed to rebound above $62,500, reaching a high of around $64,000. BTC could rise in the coming hours, although signs of exhaustion are evident.
If Bitcoin consolidates above the 21 SMA around $63,473 in the coming hours, we could view this area as a good entry point for long positions, with targets at the 200 EMA around $67,537.
If downward pressure continues but the lower band of the uptrend channel proves to be strong support, we could view this zone around $63,000–$62,900 as a good buying opportunity.
A technical bounce around the 0/8 Murray level at $62,500 could give Bitcoin a bullish outlook in the coming days. Conversely, trading below this zone could keep Bitcoin under bearish pressure, and we could expect it to reach the psychological level of $60,000 or even the -1/8 Murray level.
The Eagle indicator is showing a positive signal, but we could expect Bitcoin to consolidate; however, if the BTC price remains above $62,500, we could open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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