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Bitcoin Technical Analysis: Targeting $65,800 and Beyond

Bitcoin rebounded from the support zone ranging between $62,910 and $62,300, establishing a long trade at $62,910.

Coinotag analysts anticipate BTC to aim for $65,800 and potentially surpass this level; otherwise, a continuation of the decline might occur. It’s recommended for readers to set an entry stop at $62,910 and target prices at $65,800 and $69,000.

Bitcoin’s technical analysis emphasizes reaching the $69,000 target by breaking resistance above $65,800, initiated from the $62,910 level.

Taking a medium-term perspective on Bitcoin’s 8-hour technical chart, the recent decline led BTC to the $62,910 – $62,300 support zone before rebounding from the $62,910 mark. Those who entered a long trade at $62,910 saw over a 3% increase in value yesterday. It’s prudent to consider setting the entry stop at this level, as a potential decline from here could lead to $62,300 and $61,200.

As long as Bitcoin maintains its position above the $62,910 – $62,300 support range, the initial target remains at $65,800. Should BTC breach the $65,800 resistance and close 8-hour candles above $66,800, it could extend its uptrend towards $69,000.

For traders who entered a long position at $62,910, it’s crucial to monitor the entry stop and set targets at $65,800 and $69,000 accordingly.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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