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Bitcoin is trading around $66,310, rebounding after hitting a low of $64,000 last seen on February 12.
In the coming hours, BTC is expected to continue recovering some of its losses and could reach the 21 SMA around $67,539. It could even reach the 3/8 Murray around $68,750, and finally the upper band of the downtrend channel around $69,000.
Bitcoin is likely to continue rising and encounter strong resistance below the 21 SMA located at $67,539, so this area could be seen as a point to open short positions with targets at the 2/8 Murray around $62,500.
In the short term, Bitcoin is expected to reach the psychological level of $60,000, last seen on February 5, and we could even expect the price to reach the 1/8 Murray around $56,000.
The Eagle indicator is showing a negative signal. However, the current technical rebound could allow the instrument to resume its bearish cycle only if Bitcoin consolidates below the 3/8 Murray in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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