The recent price action of Bitcoin (BTC) has been highly encouraging, with the cryptocurrency bouncing perfectly off the EMA 100 and EMA 200. This move has also seen BTC reclaim its position above the diagonal support line established on August 15th.If BTC can maintain its position above this support line in the next 4-hour candle, it is likely to retest the EMA 5 and EMA 21, currently situated at $62,300 and $62,900 respectively. A successful closing above these EMAs in the next 4-hour candle would suggest a potential capture of liquidity at the $65,000 to $66,000 level and beyond.Notably, there has been no negative news to trigger a price dump, indicating that the current price action is merely a testing and retesting of the August 23rd breakout. This suggests that the market is consolidating and preparing for a potential move higher.Overall, the technical indicators are aligning in favor of a bullish move, and traders should be prepared for a potential upside breakout in the near term.
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