Bitcoin BTC/USD is trading with a bullish bias at about 60,798, testing the strong resistance of the 200 EMA and within the uptrend channel forming since August 16.

Bitcoin has a bullish outlook, but there is another resistance located at 61,600 which coincides with the top of the downtrend channel forming since August 6. Finally, it has another last resistance at 4/8 Murray located at 62,500.

If Bitcoin consolidates above the psychological level of $60,000, the outlook will remain bullish and the price could reach $62,500 in the coming days.

On the contrary, a drop below the 21 SMA located around 60,327 and a sharp break of the uptrend channel could accelerate the Bitcoin bearish cycle. Therefore, we could expect it to reach 3/8 Murray at 59,375 and eventually 2/8 Murray at 56,250, the level that coincides with the bottom of the main downtrend channel.

The Eagle indicator is showing a positive signal, so we continue to look for buying opportunities if Bitcoin bounces around $60,327 (21 SMA) or above $60,899, with targets at $61,500 and $62,500.