Early in the American session, Bitcoin (BTC/USD) is trading around 65,167 bouncing after reaching the low of 63,968. Meanwhile, BTC has encountered strong resistance around 5/8 Murray which coincides with the 21 SMA. Therefore, a technical correction will follow shortly.
If Bitcoin consolidates above $65,600, we could see this as a sign of a further bullish move, so we could look for opportunities to buy with the first target at the 200 EMA around 66,700. Finally, the instrument could reach the top of the trend channel bearish around 67,500.
In case Bitcoin falls below 5/8 Murray, we could again witness a continuation of the bearish movement. Thus, the price could approach the bottom of the trend channel around 63,250 and could even fall towards 4/8 Murray at 62,500.
The eagle indicator is showing a positive signal. Therefore, with any setback in Bitcoin as long as it trades above $64,000, the crypto could continue its rise in the short term.
