Bitcoin is trading around $62,856, rebounding after reaching the 61.8% Fibonacci retracement level drawn from its low of $59,000 to its high of $64,400.
Bitcoin consolidated for a few hours above the 61.8% Fibonacci level, which gave it the opportunity to resume its upward cycle. The cryptocurrency is now consolidating above the 0/8 Murray level and above the 21-period SMA, which suggests it could continue rising in the coming days to reach the upper band of the ascending trend channel formed since early June around the 1/8 Murray level, located at $65,600.
Given that Bitcoin is showing positive signs, and as long as the price remains above the 0/8 Murray level around $62,500, it will be seen as a positive buy signal. It is expected that in the short term, BTC will reach the 200 EMA around the psychological level of $70,000.
In the event of a technical correction, while the upward trend channel remains intact, we could expect Bitcoin to find strong support around $61,600. This level could coincide with the lower band of the upward trend channel and, in turn, give Bitcoin a new impetus to continue rising in the coming days.
Only a drop below the 61.8% Fibonacci retracement level around $61,000 could change the scenario for Bitcoin, and we could expect it to return to a low of $59,375. BTC could even continue falling and reach $54,500 around the -2/8 Murray level.
Our trading plan for the next few hours is to buy Bitcoin from the $62,500 level, with targets at $63,000, $64,500, and $65,600.