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Bitcoin is trading around $70,036 within the downtrend channel formed since January 28 and testing the upper band of this channel, as BTC has encountered strong resistance around this area.
If, in the coming hours, Bitcoin decisively breaks the downtrend channel and consolidates above $71,000, we could expect it to continue rising until it reaches the 4/8 Murray around $75,000.
The 4/8 Murray zone could be a good point to open short positions, as there is strong downward pressure on weekly and daily charts. Thus, we could expect Bitcoin to resume its downward cycle below this level.
If Bitcoin continues its technical correction at current price levels and consolidates below the psychological level of $70,000, it is expected to reach the 2/8 Murray around $62,500 in the coming days and could eventually reach the 1/8 Murray around $56,250.
Bitcoin will likely fall in the short term and reach the psychological level of $60,000 printed on February 5. This level represents strong support for Bitcoin and could form a double bottom pattern, which could be seen as a good point to open long positions with medium-term targets around $75,000.
The Eagle indicator is showing a positive signal, so we should watch for a breakout of the downtrend channel to buy or a drop below the 3/8 Murray, which could signal a technical correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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