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Bitcoin is trading around $64,090, consolidating above the 200 EMA and within the downtrend channel that has formed since June 18.
If Bitcoin reaches strong resistance at $64,753 in the coming hours, this area could present a good opportunity to open short positions. It is likely that a technical correction could occur below this level, potentially bringing the price back toward the 4/8 Murray level around $62,500.
If Bitcoin falls and consolidates below $64,000 and below the 200 EMA, the outlook could remain negative, and we should monitor whether the price stays above this zone to continue buying.
A decisive break above the uptrend channel and above $64,753 could lead Bitcoin to reach $65,625; it could eventually hit the July 20 high around $66,700.
Conversely, if Bitcoin encounters strong resistance at the upper band of the downtrend channel, this could be seen as a clear signal to sell, with the price expected to reach $62,500 in the coming days and eventually the psychological level of $60,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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