Bitcoin is trading around 65,500, above the 200 EMA, and within the uptrend channel formed on March 16. We believe that a bullish rally could occur if BTC consolidates above $65,000 and reaches the 21 SMA located at 68,045. The crypto could even rebound to $73,000 and finally reach 4/8 of Murray located at $75,000.
Bitcoin left the Gap around 71,500. In case it trades above 200 EMA and within the bullish trend channel, it could reach this target and cover this GAP.
Below $65,500, we could expect Bitcoin to reach the last dynamic support which allowed the cryptocurrency to bounce on March 17 and 20. In this area, traders could get a chance to resume buying because these levels could be seen as a point to buy.
On the contrary, with a fall below the 2/8 Murray area, the outlook could be negative for Bitcoin and we could expect it to reach the psychological level of $60,000 in the short term. Moreover, it could even reach the 0/8 Murray located at $50,000.
As long as Bitcoin remains within the uptrend channel, we will look for opportunities to buy with targets at 68,000, 70,000, and 73,000. Below 64,500, we should avoid buying or putting a stop loss or wait for $62,500.