Early in the American session, Bitcoin (BTC/USD) is trading around 63,609, reaching strong support that coincides with the levels reached in early July. BTC has bullish potential as it trades above the 200 EMA and above the 4/8 Murray.
According to the H4 chart, we can see that Bitcoin is trading within an upward trend channel forming since July 5. In the coming days, the crypto will likely resume its bullish cycle and the price could reach 5/8 Murray at 65,625 and even 6/8 of Murray located at 68,750.
Bitcoin has good support at around the key level of $63,000. If Bitcoin falls towards 4/8 Murray, a positive outlook remains valid. Above this area, any technical rebound will be seen as an opportunity to buy.
If Bitcoin decisively breaks the bullish trend channel and consolidates below 61,200, we could expect a change in the trend and Bitcoin could fall to the price levels of July 7 around 55,400.
As long as Bitcoin trades above 63,000 or 62,500 (4/8 Murray), we have opportunities to buy with targets at 65,625 and 68,700.
