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Bitcoin hit a low of $70,900, trading around the 200 EMA, which has now become a key support level for Bitcoin.
If BTC/USD consolidates around $71,000 in the coming hours, it could be seen as an opportunity to buy Bitcoin, with targets at the 21 SMA around $73,293. Ultimately, BTC could reach the 4/8 Murray level, around the psychological $75,000 mark.
If the downward pressure continues, Bitcoin could fall below $71,000 and then reach the 3/8 Murray level around $68,750.
A bearish scenario could find support around the bottom of the uptrend channel; this level could be viewed as a buying zone for Bitcoin in the coming days, with targets around $75,000.
The Eagle indicator is showing a negative signal, so any pullback below $73,300 or below $75,000 will be seen as an opportunity to sell in the coming days, with a target at $68,750.
Our trading plan for the coming hours is to buy above $71,000 with a target of $73,000. A move below $70,800 could validate our outlook, and we could expect Bitcoin to continue falling to $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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