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.