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Bitcoin is trading around $59,706, pulling back after reaching $61,000 during Wednesday's US trading session. This Bitcoin rally began when the price hit $57,800—a level last seen in 2024—so Bitcoin is expected to continue rising in the coming days.
On the H4 chart, we can see that Bitcoin decisively broke out of the downtrend channel that had formed since early June and is now consolidating above the 21 SMA. Therefore, a pullback to the 50% or 61.8% Fibonacci retracement levels could be considered a buying opportunity in the coming hours, with targets at the 0/8 Murray levels around $62,500 and potentially reaching $64,400 near the 200 EMA.
If Bitcoin falls below the 61.8% Fibonacci level, the outlook could turn negative. In the coming days, it could reach the 161.8% Fibonacci level around $56,250 or $55,800.
This Bitcoin recovery is also part of a double bottom pattern formed between June 25 and July 1, so we could see a recovery in the coming days, with Bitcoin expected to reach $65,000 and potentially even hit the 2/8 Murray level around $68,750.
The Eagle indicator is showing a positive signal, so we will look for buying opportunities in the coming hours.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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