Bitcoin (BTC/USD) is currently experiencing negative trading, moving towards a potential test of the intraday bullish channel’s support line, situated at $61,805. This support is reinforced by the 50-day exponential moving average (EMA50), while stochastic indicators are indicating oversold conditions.
Despite this temporary decline, the overall bullish trend is expected to continue, with the possibility of a rebound from the support line. The next primary target is set at $65,480. However, a breach of the $61,805 support could halt the anticipated rise and lead to a test of the critical support level at $60,326.70 before any further positive movement.
Traders should expect today’s price range to be between $61,500 support and $65,200 resistance.
Trend Forecast: Overall Bullish
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