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Bitcoin is trading around $64,260 within an uptrend channel that has been forming since June and is consolidating around $64,000, so we can expect the uptrend to continue in the coming days and potentially reach the upper band of the uptrend channel, around $69,000.
If Bitcoin falls toward the lower band of the uptrend channel around $63,400 in the coming hours, this could be seen as an opportunity to open long positions with a target at $65,625; BTC could reach the July 18 high, around $67,000, and ultimately reach the Murray 2/8 level, around $68,750.
The scenario could change if Bitcoin falls below the 0/8 Murray level, around $62,500; below this zone, it could continue to fall, and we could expect it to reach the psychological level of $60,000 and, finally, the -1/8 Murray level, around $59,375.
Our outlook for Bitcoin remains bullish for the coming days, so we will look for buying opportunities. Should BTC break above $64,423 and then consolidate above this zone, it would be a positive signal to buy in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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