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Bitcoin is trading around $66,076, undergoing a technical correction after attempting to break through the 3/8 Murray zone, which also coincided with the top of the downtrend channel.
During Wednesday's US trading session, Bitcoin showed bullish potential; however, strong resistance at the 3/8 Murray line and the 200 EMA, located around $69,540, acted as significant barriers.
The upper band of the downtrend channel puts pressure on Bitcoin, and it now shows a bearish signal, likely to continue falling in the coming days.
Given that Bitcoin is trading below the 21 SMA and within the downtrend channel, it is expected to find strong support around the psychological level of $65,000. This zone could provide solid support for Bitcoin, but we should be cautious, as a break below this zone could accelerate its downward movement, potentially reaching the 2/8 Murray level around $62,500.
Bitcoin has strong support between $66,076 and $64,800; this entire zone offers a bullish outlook, so a technical bounce above this zone could present an opportunity to open long positions.
A drop below $64,500 would accelerate the downward movement, and Bitcoin is expected to reach the lower band of the bearish trend channel. In turn, the price could reach the 2/8 Murray level around $62,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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