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Bitcoin is trading around $65,188. After hitting 63,900 over the weekend, it rebounded to reach $65,523.
Bitcoin reached the 61.8% Fibonacci retracement level drawn from the high of $66,918 to the low of $63,644. Therefore, if the price remains below $65,700 in the coming days, the outlook could remain bearish, and we could expect it to reach the 200 EMA around $64,282.
With a decisive break below the downtrend channel, Bitcoin could continue its fall to $62,500. If it breaks below this level, we expect it to reach the psychological level of $60,000.
Looking at the H4 chart, we can see that Bitcoin is consolidating above the 21 SMA and above the 200 SMA, suggesting that a technical bounce around this zone could give us the opportunity to resume the uptrend and buy with targets at the upper band of the uptrend channel around $67,860.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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