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Bitcoin is trading around $63,467, below the 200-day exponential moving average (EMA) and the 21-day simple moving average (SMA), after rebounding from a low of $62,800 during Thursday's US trading session.
Bitcoin is expected to continue rising in the coming hours; for that to happen, the cryptocurrency would need to break above $63,655. A break above $64,000 could help Bitcoin continue its upward move toward the Murray 5/8 level, around $65,625.
If Bitcoin encounters strong resistance around $64,136, we would expect the downtrend to continue, and we anticipate it will reach the Murray 4/8 level, around $62,500, in the coming days. A decisive break below this level alone could cause the instrument to fall to the psychological level of $60,000.
The Eagle indicator is showing a negative signal, so if Bitcoin encounters strong resistance in the coming hours, we will plan further selling.
Bitcoin is likely to consolidate over the next few days below $64,500 and above $62,500; therefore, we will look for opportunities to buy and sell between the borders of this range.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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