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Bitcoin is trading at 60,792 within a downtrend channel forming since June 24 and consolidating above the psychological level of $60,000. Bitcoin is under bearish pressure. As long as it trades below 62,500, any technical bounce could be seen as an opportunity to sell.
Given that Bitcoin has bullish potential, a break and consolidation above 61,253 (21 SMA) could allow the cryptocurrency to continue rising. The price could reach the 200 EMA around 5/8 of Murray located at $65,000.
The eagle indicator is showing a positive signal. Therefore, we believe that if Bitcoin settles above $60,000 in the next few hours, it could extend its rise. So, we will look for opportunities to buy above this area, with targets 61,300, and 62,500.
On the other hand, in case Bitcoin falls below 59,000 on the H4 chart, it is likely to accelerate its bearish movement and could reach the low of June 24 and even 2/8 of Murray located at 56,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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