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Bitcoin is trading around $72,933, last seen in August 2024, and is expected to find good support around the weekly 200 EMA located at $68,741.
Since its all-time high of around $127,000, Bitcoin has lost more than 40% of its value, so it is expected to find good support around $68,000. If the bearish force prevails, we could expect it to reach the lower band of the uptrend channel formed since March 2022, around $62,690.
In the coming weeks, we could be watching price levels around $69,000 or the psychological $70,000 level. This area above the 200 EMA could be a good point to open long positions, with targets at the 21 SMA around $95,000.
If the downward pressure prevails for Bitcoin, we could be watching for key support at the bottom of the uptrend channel around $63,000. This level could offer us a good point to take long positions, with targets at $70,000 and $87,500.
A decisive break of the weekly uptrend channel and consolidation below $63,000 could mean a strong technical correction for Bitcoin, and we could expect it to reach the psychological level of $50,000 or even the lower band of the uptrend channel formed since May 2020, around $41,000.
Given that Bitcoin is trading within an uptrend channel and approaching support levels, we will look for opportunities to buy in the coming weeks above $68,000 or above $70,000 with targets at $85,500 and around the psychological level of $90,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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