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Bitcoin is trading at $67,464 within the downtrend channel formed on the H4 charts since February 8 after reaching its high of $72,000.
Bitcoin is expected to resume its bearish cycle in the coming hours and could reach the 2/8 Murray around $62,500.
In case of a sharp break above $68,000 and a consolidation above the 21 SMA located at $68,800, this will set the stage for a bullish cycle, and BTC could reach $72,000 and even the 4/8 of Murray around $75,000.
The Eagle indicator is showing a positive signal, so we expect Bitcoin to continue recovering some of its losses in the coming days.
From the low reached around the psychological level of $60,000 to its high of $72,000 from February 5 to 9, the 61.8% Fibonacci level is around $64,700.
If Bitcoin retreats and reaches the 61.8% Fibonacci level, there is strong support around this area, which could enable the crypto to resume its bullish cycle. Hence, BTC could reach the psychological level of $70,000 and finally the 4/8 Murray around $75,000.
A drop below the 2/8 Murray could put pressure on Bitcoin, and we could expect it to reach the psychological level of $60,000 and could even reach the 1/8 Murray around $56,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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