Bitcoin is trading around $69,372 with good bullish momentum reinforced by the US inflation data. The technical rebound that occurred yesterday during the American session when it reached the low of 65,950 is still going on.
In the last few hours, Bitcoin has gained more than 5%. This technical rebound could support the bullish movement in the coming days.
The H4 chart shows a break in the bearish trend channel, but for it to be valid, BTC should consolidate above 6/8 Murray and above the 21 SMA.
On the other hand, in case Bitcoin returns below $68,500, the bearish cycle could resume and we could expect it to reach the dynamic support of the 200 EMA located at 67,760.
Additionally, if Bitcoin falls below this level, the outlook could be negative. Again, we could expect a fall so that the crypto could even reach 4/8 Murray located at 62,500.
Our trading plan for the next few hours is to buy above 68,750. The first target is seen at 71,800. The price could even reach 8/8 Murray at $75,000.