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Bitcoin is trading around $65,891, above the 21 SMA and above the 1/8 Murray level, rebounding after reaching a high of around $66,918 during Tuesday's US trading session.
Technically, Bitcoin could continue its rise in the coming days until it reaches the 2/8 Murray line around $68,750; this zone is key as it could face strong resistance. Below this zone, a technical correction could occur, and for bears, it could be a good area to take short positions.
If Bitcoin falls below $65,625, it is likely to reach the lower band of the uptrend channel formed since early June and could eventually reach the 200 EMA around $63,900. Both levels could serve as strong support for Bitcoin and could be seen as an opportunity to resume buying.
On the other hand, if Bitcoin falls below $64,000 and consolidates below this zone, the outlook could turn negative and a trend reversal might occur. If this scenario plays out, we could expect it to reach $62,500 and eventually hit the -1/8 Murray level around $59,375.
The Eagle indicator is showing a positive signal, although there are signs of exhaustion in the upward momentum. Therefore, after a technical correction, we could wait and then resume long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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