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Bitcoin is trading around $62,800, undergoing a technical correction after reaching $64,000, following a rebound from the low of $59,375, which coincided with the -1/8 Murray level.
Bitcoin has reached a key support level. If the price remains above the 21 SMA and above the 0/8 Murray level, it could continue its rise in the coming days, potentially reaching the -1/8 Murray level around $65,625. BTC could even reach the upper band of the descending trend channel formed in May, around $66,875.
A sharp break below $62,000, along with consolidation below the 0/8 Murray level, could enable further declines in Bitcoin, potentially pushing it down to the $59,375 area. This level could form a double bottom pattern, which would entail bullish implications.
Given that Bitcoin is currently within an upward trend channel and above the 0/8 Murray level, we will look for buying opportunities in the coming days above $62,500, with a target at $65,625. Even if the bullish momentum prevails, we would expect it to reach the 2/8 Murray level around $68,750.
The Eagle indicator is showing a positive signal. So, any pullback in Bitcoin as long as the price remains above $59,375, will be seen as a bullish signal to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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