05.07.202416:51 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for July 5-9, 2024: buy above $55,000 (2/8 Murray- rebound)

Early in the American session, BITCOIN is trading around 55,367 below 2/8 Murray, and within a downtrend channel forming since early July.

Yesterday during the American session, the crypto sank to a low at 53,453, the level recorded on February 27 and from that point, it began a technical rebound. Bitcoin is likely to continue rising in the coming hours until the price reaches 2/8 Murray at 56,250 or even the top of the downtrend channel at 56,600.

If Bitcoin reaches the top of the downtrend channel around 56,700 and fails to break it, the crypto could resume its bearish cycle and plunge to the psychological level of $50,000 in the coming days.

On the contrary, a consolidation above 2/8 Murray on the H4 chart could favor the recovery of Bitcoin and it could reach the 21 SMA which coincides with 3/8 Murray and even the 200 EMA around 63,566.

Technically, BTC/USD is trading under bearish pressure on the daily chart. As long as it trades below $62,250, it could drop to $50,000 in the short term.