Bitcoin is trading around $79,643, rebounding after hitting the lower band of the downtrend channel that has formed since early May and showing signs of a potential recovery, during which we expect BTC to face strong resistance around the 21-day SMA.

If Bitcoin continues to rise in the coming hours, we could view this as an opportunity to buy, with targets at $80,500 and at the 6/8 Murray level around $81,250.

Conversely, if Bitcoin encounters strong rejection around $80,500 and struggles to rise above this level, we could view this price movement as an opportunity to sell with targets at the 5/8 Murray line around $78,125 and finally at the 200 EMA around $77,572.

A move toward the upper band of the uptrend channel at $81,750 could be a good signal to open short positions, as technically, Bitcoin would be reaching the upper band of the uptrend channel. Below this zone, there is a strong possibility of a technical correction, which we could take advantage of to sell.

Our trading plan for the coming hours is to buy Bitcoin above $78,500 with targets at $80,500, $81,250, and $81,550.