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Bitcoin reached the lower band of the uptrend channel formed since 2022 around the psychological level of $60,000. In less than 24 hours, Bitcoin fell from $73,000 to $60,000, losing more than 17.81%.
Crypto investors are nervous about the widespread sell-off in the technology and risk asset markets. Bitcoin is likely to remain under bearish pressure in the coming days as the Eagle indicator on the weekly chart is still giving a negative signal.
A sharp break below $60,000 could accelerate Bitcoin's slump towards the 2/8 Murray around the psychological level of $50,000.
In the coming hours, we expect Bitcoin to recover some of its losses, and the price could reach its first target of the 200 EMA around $68,493, which now acts as strong resistance.
If Bitcoin consolidates between the $60,000 and $69,000 range in the coming days, it makes sense to buy and sell at the upper and lower borders.
A break above $68,500 could favor a Bitcoin recovery, and we could expect it to reach the 3/8 Murray around $75,000.
Given that the market remains bearish, we could look for opportunities to sell in the coming days below the 200 EMA with targets at $65,000 and $60,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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