Early in the American session, Bitcoin is trading around 57,773, below the 200 EMA, and within an uptrend channel forming since May 30.
The daily chart shows that Bitcoin, after reaching the low of 53,495, made a technical rebound but it has encountered strong resistance around the 200 EMA (58,192) on several occasions. Therefore, if Bitcoin consolidates above this area in the coming days, the price could extend its rise.
With a daily close above $58,000, BTC could reach the psychological level of $60,000 and even the top of the downtrend channel around 60,436 which coincides with the 21 SMA located at 60,436.
Given that Bitcoin is consolidating above 2/8 of Murray, there is the possibility of a further rise.
On the contrary, if Bitcoin falls below 56,500, we could expect there to be a continuation of the bearish movement and the instrument could reach 53,500 and even the psychological level of $50,000.
