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Bitcoin is trading around $67,481 above the 21 SMA and within the downtrend channel formed since February 6. If Bitcoin continues to rise, it is expected to encounter strong resistance around the 3/8 Murray located at $68,750.
Bitcoin has strong resistance around the upper band of the downtrend channel located at $69,000. The instrument is expected to encounter strong rejection if the price approaches this zone.
If there is a break above $69,000 and if the price exceeds the downtrend channel, we could expect it to reach the 4/8 Murray around $75,000 in the short term.
On the contrary, given that BTC is overbought, it is expected that it will continue its bearish cycle below $67,464,and we could expect it to reach the lower band of the downtrend channel around $54,500 and could even reach the 2/8 Murray around $62,500.
The Eagle indicator is showing a negative signal. If Bitcoin reaches resistance levels such as $68,750 or $69,000, it will be seen as an opportunity to take short positions with targets at $62,500 and even the psychological level of $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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