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Bitcoin is trading around $65,395 after finding solid support at the lower band of the uptrend channel, around $64,400. We are seeing a technical bounce, and we would expect BTC to continue rising in the coming days until it reaches its high around $67,000 and eventually hits the 2/8 Murray level, around $68,750.
Bitcoin has strong support that coincides with both the lower band of the uptrend channel and the 200 EMA, around $64,198. Therefore, we believe that if a technical correction occurs toward this area in the coming days, it could be considered an opportunity to buy above this level.
A consolidation of Bitcoin above $65,747—where the 21-day simple moving average (SMA) and the 1/8 Murray line are located—could be seen as an opportunity to continue buying, since, above this zone, Bitcoin could reach $68,750 and even touch the upper band of the uptrend channel, around the psychological level of $70,000.
Conversely, a drop below $64,198—around the 200-period EMA—could be interpreted as a signal to sell Bitcoin in the coming days, with targets at the 0/8 Murray level, around $63,500, and with the potential to reach the -1/8 Murray level, around $59,375.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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