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Bitcoin is trading around 64,484, under bearish pressure but reaching oversold levels. A technical rebound is likely to occur in the coming hours if BTC consolidates above $64,000, where important support is found.
In case Bitcoin breaks down and falls below 64,000, it is expected to find a bottom around 63,277. This level could offer a technical rebound and would be seen as an opportunity to buy.
A technical bounce around $62,500 (4/8 Murray) will be seen as a buying opportunity because it represents a key level for Bitcoin, but there would still be a chance for it to continue rising in the short term.
If Bitcoin recovers and trades above 5/8 Murray located at 65,625, we could look for opportunities to buy in the short term. The price is likely to reach the 200 EMA around 67,316. A sharp break of the downtrend channel could accelerate the movement of Bitcoin and the instrument could rise to the psychological level of $70,000.
Given that Bitcoin is in a key support zone that coincides with the weekly support and the daily S_2 support, we could look for opportunities to buy at the current price levels, with targets at 65,000 and 65,900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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