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Bitcoin is trading around $75,675, rebounding for the third time above this zone after reaching a low of $73,000 during Tuesday's US session.
Bitcoin is expected to recover some of its losses in the coming days and could reach the upper band of the downtrend channel formed since early January around $85,000.
If Bitcoin consolidates below the 4/8 Murray at $75,000 in the coming hours, it is expected to continue its bearish cycle and could reach the 3/8 Murray around $68,750.
We can see in the H4 chart the formation of a wedge pattern. It means that if the price breaks above the upper band of this pattern, a strong upward movement could occur, which could cause Bitcoin to reach the price of $85,000. BTC could even reach the 6/8 Murray around $87,500.
The H4 chart shows that Bitcoin is oversold and is likely to continue rising in the coming days, but only if the price consolidates above $75,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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