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Bitcoin is trading around $66,581, rebounding after reaching a low of around $65,000, a level that coincided with the 61.8% Fibonacci retracement.
If Bitcoin continues to rise in the coming hours, it is expected to encounter strong resistance around the 21 SMA located at $67,811. This level could be a barrier, and Bitcoin could resume its bearish cycle.
Given that Bitcoin retreated to the 61.8% Fibonacci level, according to this indicator, Bitcoin is expected to reach the 4/8 Murray around $75,000.
If, in the coming hours, Bitcoin decisively breaks the downtrend line and consolidates above $68,000, the outlook could be positive, and we could expect it to reach the psychological level of $70,000 and finally $75,000.
If the bearish force prevails, Bitcoin is expected to reach the 2/8 Murray around $62,500. Another downward target could be the February 5 low of around $60,000.
The Eagle indicator is showing a positive signal for Bitcoin, so we will look for opportunities to buy in the coming hours only if Bitcoin consolidates above the 61.8% Fibonacci retracement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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