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Early in the American session, Bitcoin (BTC/USD) is trading around 61,148 above the 21 SMA, forming a bullish pennant pattern.
A break and consolidation above 61,200 could accelerate the bullish movement. So, the price could reach 62,500 and even the top of the downtrend channel around 63,500.
In case Bitcoin falls below $61,000, we could expect a further bearish movement and the crypto could reach 59,375 and even drop to the low of June 24.
We could expect a sharp break from the bullish pattern in the next few hours, so we will look for opportunities to buy with the target at $63,000.
The eagle indicator has been showing a positive signal and we believe that Bitcoin could go through a recovery in the coming days and could even reach the 200 EMA located at 65,550.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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