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Bitcoin is trading around $72,573, undergoing a technical correction after breaking through strong resistance in the main downtrend channel around $69,000.
During the US session, Bitcoin reached its monthly high around $74,123 but was unable to consolidate above $74,000. The H4 chart shows exhaustion of the bullish momentum.
Bitcoin will likely reach the 200 EMA around $71,161 in the coming hours, or even the 3/8 Murray around $68,869.
The outlook could be bearish for the coming hours if Bitcoin makes a pullback towards the 4/8 Murray located at $75,000, which could be seen as a signal to open short positions.
With a consolidation above $75,000, Bitcoin is likely to reach the upper band of the uptrend channel around $77,067.
The Eagle indicator has reached overbought levels, so Bitcoin is expected to continue its technical correction in the coming days and could reach the lower band of the uptrend channel around $68,750.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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