Bitcoin is trading around $62,900, pulling back after reaching the 1/8 Murray key level, which acts as a strong resistance barrier. Bitcoin is now trading below the 200 and below the 21 moving averages, which gives us a negative outlook for the coming days.
If, in the coming hours, Bitcoin breaks below the 0/8 Murray level and below the uptrend channel formed since June 27, we could expect the decline to continue, potentially reaching the -1/8 Murray level around $59,350.
Conversely, if Bitcoin consolidates above $62,500 in the coming hours, this could be seen as an opportunity to resume its uptrend, as it is currently reaching a key support level that coincides with the lower band of the uptrend channel. We could expect a recovery in the coming days, with Bitcoin potentially returning toward the 1/8 Murray level.
Given that the Eagle indicator is showing a bearish signal, we must be cautious, as a break below $62,500 could send Bitcoin down toward the psychological level of $60,000 or even back to the June 30 lows around $58,000.
As long as the price remains within the uptrend channel, a technical bounce above $62,500 will be seen as an opportunity to take long positions.