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Bitcoin is trading around $58,712, rebounding after hitting $57,700 during today's Asian trading session. Given that Bitcoin has found strong support around $58,000, it is likely to continue recovering in the coming hours and could reach the -1/8 Murray level around $59,375 and even the 21 SMA around $59,594.
If Bitcoin breaks above $59,600 and consolidates above this zone, we could expect it to continue rising until it reaches the psychological level of $60,000 and is ultimately expected to reach the 200 EMA around $64,623.
A positive signal for Bitcoin would be if the price consolidates above the -1/8 Murray level. In that case, we could open long positions, with targets at the 0/8 Murray level around $62,500, and ultimately, we could expect it to reach the psychological level of $65,000.
Conversely, if Bitcoin falls below $58,000 in the coming hours—a zone that represents strong support, as it rebounded above this level on June 25 and June 29—this could be seen as a negative signal, and we could expect Bitcoin to reach the -2/8 Murray level around $56,250.
Our outlook is positive for the coming hours for buying Bitcoin, so we will look for opportunities to buy above $58,000. The Eagle indicator is showing a positive signal, which supports our bullish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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