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Bitcoin is trading around $68,750, consolidating after three consecutive attempts to break the downtrend channel formed since February 28.
Bitcoin is likely to consolidate while awaiting an upward move that could decisively break the downtrend channel. Hence, we could expect it to reach the 4/8 Murray around $75,000.
If the bearish force prevails, we could expect a strong continuation of the downward movement, with Bitcoin reaching the 2/8 Murray at around $62,500 or even the February 5 low at around $60,000.
The outlook remains bearish for Bitcoin, so any technical rebound towards resistance levels will allow us to continue selling.
If Bitcoin consolidates above the psychological level of $70,000, we could look for opportunities to buy with targets at $75,000 and around the 200 EMA located at $81,250.
On the contrary, as long as the price remains within the downtrend channel and below 3/8 Murray, Bitcoin will get stuck under strong downward pressure, and it is expected to reach $60,000 in the short term.
The Eagle indicator is showing negative signals, so we will look for opportunities to sell while the price remains below the 21 SMA and below the 3/8 Murray, with targets at the 2/8 Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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