Bitcoin is trading around $62,411, after rebounding from a low of $60,200—which also coincided with the lower band of the uptrend channel—and is likely to continue rising in the coming hours if the price consolidates above this zone.
The 0/8 Murray zone ($62,500) has historically served as strong support for Bitcoin. So, if it consolidates above this zone in the coming hours, we could look for opportunities to buy Bitcoin, with targets at the 200 EMA level, around $63,613.
If Bitcoin decisively breaks above the 200 EMA and consolidates above this zone, it could be considered a good signal to open long positions, as, technically, this could indicate a break above the strong resistance at $64,000 and a potential upward move toward the upper band of the uptrend channel, around $67,300.
Conversely, if Bitcoin breaks below $62,000, the outlook could turn negative, and we could expect it to reach the -1/8 Murray level, around $59,375.
