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Bitcoin is trading around $70,012, around the psychological level of $70,000, below the 21 SMA, and below the 200 EMA with a bearish bias after attempting to break the uptrend channel.
Bitcoin is expected to continue falling in the coming hours if the price consolidates below $71,126. The key downward target for the cryptocurrency is the 3/8 Murray around $68,750.
If Bitcoin rebounds above the 3/8 Murray around $68,750 and consolidates above this zone in the coming days, it will be seen as an opportunity to open long positions with targets at about the 4/8 Murray of $75,000.
On the contrary, a consolidation below $68,500 could lead to a sharp downward acceleration, and BTC could reach the lower band of the uptrend channel around $66,500.
The Eagle indicator is producing a negative signal. So, if a pullback occurs towards $71,126, where the 200 EMA is located, it will be seen as a signal to sell 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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