Bitcoin is trading around $62,800 and continues its fall after breaking out of the uptrend channel that had formed since late June. BTC could struggle to continue rising in the coming days if the price remains below $64,000.
Bitcoin could continue its slide in the coming hours if the price consolidates below $62,500. In that case, we could expect it to drop to the -1/8 Murray level, around $59,375, and eventually reach the -2/8 Murray level, around $56,250.
Given that Bitcoin has upside potential but is showing signs of overbought conditions and waning bullish momentum, we believe that if it consolidates above the 0/8 Murray level ($62,500) in the coming hours, it will be considered a buying opportunity with targets at $63,800; ultimately, we expect it to reach the 1/8 Murray level, around $65,625.
The Eagle indicator shows a negative signal, hence we must proceed with caution, as the price has alleviated the overbought condition to some extent. Therefore, Bitcoin could rebound above $62,500 in the coming days, which would be considered an opportunity to open long positions.
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