Bitcoin (BTC) suffered a slight decline on Tuesday (24), but is still trading above US$ 63 thousand. Will the cryptocurrency be able to reach new highs?

Check out below what technical analysis has to say about BTC's future trend.

Bitcoin remains in an upward channel

Bitcoin continues to trade within a rising parallel channel, as seen in the 4-hour chart highlighted below. It is worth noting that this pattern has been in effect since September 6.

As highlighted in our last daily analysis, a pullback was expected as the Relative Strength Index (RSI) showed BTC to be overbought. Indeed, this has occurred in the past few hours, with the asset even forming a lower high than the previous one.

Bitcoin (BTC) Chart on TradingView

Now, two scenarios are expected. The first would be a continuation of the current correction towards the channel's support line. Currently, this line is at $62.2K.

On the other hand, the price could move higher again. This scenario is supported by the crossover of the exponential moving averages (EMAs) on the 2-hour chart. Although the 9-period EMA (blue) briefly fell below the 21-period EMA (orange), it has risen above it in the last few hours.

Bitcoin (BTC) Chart on TradingView

Therefore, if Bitcoin remains above US$63,000, a new jump towards the channel's resistance line, close to US$67,000, is expected.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.