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Bitcoin is trading around $71,042 amid a bearish correction after reaching the psychological $75,000 level, which is located around the 4/8 Murray line.
Bitcoin has key support around $69,776, where the 21 SMA is located. Slightly below that is another support level around the 3/8 Murray line at $68,750.
If Bitcoin falls to any of these support levels in the coming hours, it could be seen as a buying opportunity should a technical rebound occur, and it is likely to return to the $75,000 zone in the coming days.
According to the daily chart, Bitcoin is within an uptrend channel formed since February 5, when it reached the psychological level of $60,000. It is likely to continue consolidating below $75,000 and above $67,000 in the coming days.
Bitcoin is likely to find support around $68,750, so this could be a good point to open long positions, with targets at $73,000 and ultimately around $75,000; it could even reach the top of the uptrend channel around $77,500.
A drop in BTC/USD below $68,750 could accelerate the downward movement, and we could expect it to reach the lower band of the uptrend channel around $65,600.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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