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Bitcoin is trading around $63,280, and we expect it to encounter strong resistance around $63,900, as this zone coincides with the 200 EMA. At the same time, BTC is trading within a downtrend channel that has been forming since August 8. Therefore, following a rejection at this strong resistance level, the instrument could resume its downtrend.
Given that Bitcoin has been consolidating above $62,500 over the past few days—after reaching this level, it rebounded—it could now signal an upward move and reach $63,900. We will look for opportunities to buy Bitcoin in the coming hours should the price continue to rise above the 21 SMA.
If Bitcoin settles above $63,000 in the coming hours, we could expect a positive outlook, as the strong 4/8 Murray support level presents a buying opportunity. So, BTC will likely continue rising until it reaches $63,900.
If Bitcoin maintains upward momentum and consolidates above $64,000, this could be a strong bullish signal, and we expect it to reach the 5/8 Murray level around $65,625.
If Bitcoin breaks below $62,500, it could turn sharply bearish, and we could expect the crypto to weaken, potentially reaching $61,771, which represents the lower band of the downtrend channel, and it could even hit the psychological level of $60,000.
Our short-term strategy is to buy Bitcoin whenever the price consolidates above $62,500 and to sell below $65,625.
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