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Bitcoin is trading around $68,348, following a positive bias, but the H4 chart shows signs of exhaustion in the bullish momentum.
Since Bitcoin reached the lower band of the downtrend channel around $62,500, which also coincided with the 2/8 Murray, the cryptocurrency gained strong momentum, rebounding to $69,700. However, BTC was unable to consolidate above the psychological level of $70,000, and now a technical correction is likely to occur.
If Bitcoin falls below the 3/8 Murray located around $68,550, it could be seen as a signal to open short positions with targets at the 21 SMA around $65,799 and finally at the 2/8 Murray of $62,500.
A consolidation above the psychological level of $70,000 could allow Bitcoin to continue rising until it reaches the 200 EMA around $73,500. BTC could eventually reach the 4/8 Murray around $75,000.
The Eagle indicator is showing a positive signal, so we will look for opportunities to continue buying BTC/USD in the coming days if the price consolidates above $65,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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