Bitcoin is trading around 64,722, within a bearish trend channel forming since July 27 and showing signs of a strong technical recovery.
Since the BTC price is still within the bearish trend channel, we could expect a technical correction to occur only if it consolidates below the 200 EMA located at 64,500.
On the other hand, if Bitcoin breaks the bearish channel and consolidates above 64,900, the outlook could be bullish. Then, it could reach 65,625, 68,750, and even return to the psychological level of $70,000.
The US data to be released in the next few hours could trigger the bullish movement of Bitcoin. If this data is negative, then investors could seek refuge in Bitcoin and we could see this as an opportunity to buy.
On the other hand, if BTC/USD falls below 64,500 in the next few hours, the outlook could be negative and Bitcoin could return towards the key pivot point of 62,500. As long as the BTC price remains above this area, the overall trend is still bullish.
