Bitcoin is trading around $69,479, above the 200-day EMA and the 21-day SMA, following a strong technical rebound after hitting the lower band of the uptrend channel formed since March 28.

Bitcoin is expected to continue rising in the coming hours and could reach the March 23 high around $72,700, and could even reach the 4/8 Murray level around $75,000.

If Bitcoin falls below $69,000, where the 200 EMA is located, we could expect a technical correction toward the 21 SMA at $67,631. If BTC breaks below this zone, it could continue its bearish bias.

Over the weekend, Bitcoin staged a strong recovery above $67,000, reaching the $70,000 zone. However, it appears BTC may struggle to continue rising; thus consolidation is likely around the $67,850 to $70,000 range in the coming days.

According to the H4 chart, we can see that Bitcoin has decisively broken out of the bearish trend channel formed since March 12, suggesting that it could continue rising in the short term. However, for this scenario to hold, Bitcoin's price must remain above $67,600.

A drop below $67,000 could turn the outlook negative, and Bitcoin could return to the 2/8 Murray levels around $62,500.