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Bitcoin is trading at $67,464 within the downtrend channel formed on the H4 charts since February 8 after reaching its high of $72,000.
Bitcoin is expected to resume its bearish cycle in the coming hours and could reach the 2/8 Murray around $62,500.
In case of a sharp break above $68,000 and a consolidation above the 21 SMA located at $68,800, this will set the stage for a bullish cycle, and BTC could reach $72,000 and even the 4/8 of Murray around $75,000.
The Eagle indicator is showing a positive signal, so we expect Bitcoin to continue recovering some of its losses in the coming days.
From the low reached around the psychological level of $60,000 to its high of $72,000 from February 5 to 9, the 61.8% Fibonacci level is around $64,700.
If Bitcoin retreats and reaches the 61.8% Fibonacci level, there is strong support around this area, which could enable the crypto to resume its bullish cycle. Hence, BTC could reach the psychological level of $70,000 and finally the 4/8 Murray around $75,000.
A drop below the 2/8 Murray could put pressure on Bitcoin, and we could expect it to reach the psychological level of $60,000 and could even reach the 1/8 Murray around $56,000.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
