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Bitcoin is trading around $66,076, undergoing a technical correction after reaching the psychological level of $70,000 on February 25.
Bitcoin was unable to consolidate above the 3/8 Murray located around $68,750. Above this zone, the upper band of the uptrend channel converges, which puts strong pressure on Bitcoin. Now we are seeing a technical correction.
BTC will likely continue to fall in the coming days until it reaches the 2/8 Murray located at $62,500.
With a sharp break below the 2/8 Murray and a consolidation below the downtrend channel, we could see BTC reach the psychological level of $60,000. Moreover, it is expected to reach the 1/8 Murray around $56,500.
On the contrary, if Bitcoin recovers some of its losses in the coming hours, we could expect an attempt to break the downtrend channel, and the price could reach $68,500-$70,000.
The Eagle indicator is showing a negative signal, so any technical rebound, as long as the price of BTC remains below the psychological levels of $70,000, could be seen as an opportunity to continue selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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