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Bitcoin is trading around $72,444 with a bullish bias and is likely to continue rising in the coming days until it reaches the 4/8 Murray level around $75,000.
Bitcoin has broken out of a pennant pattern and is expected to reach the top of the uptrend channel around $76,450 in the coming days.
In the event of a pullback toward the 200 EMA around the psychological level of $70,000, this zone could be viewed as an opportunity to open long positions in the coming days, with targets around $75,000. We even expect BTC to reach the top of the uptrend channel bordering the $76,000 zone.
A drop and consolidation below $70,550, where the 200 EMA is located, could cancel the bullish outlook, and we could expect a new technical correction in Bitcoin, during which it could drop to the key 3/8 Murray support around $68,750 and ultimately reach the lower band of the bullish trend channel around $60,780.
A break below $67,500 could change Bitcoin's outlook, and we expect it to reach the 2/8 Murray level around $62,500 in the short term. The crypto could even plunge to the psychological level of $60,000.
The Eagle indicator is showing a positive signal, so any pullback—as long as the price trades above the psychological $70,000 level—will be viewed as a buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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