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Bitcoin is trading around $77,573, above the 21-day SMA and within the uptrend channel formed since early April, indicating a bullish bias.
Bitcoin is approaching the strong resistance zone located at the 5/8 Murray level. This level pushed Bitcoin down on April 15, causing it to reach the lower band of the uptrend channel around $74,000.
If, in the coming hours, Bitcoin tests the $78,125 zone and fails to consolidate above this level, it could be an opportunity to open short positions, targeting the psychological $75,000 level.
If Bitcoin decisively breaks through the $78,000 zone and continues to rise, we could expect it to reach the upper band of the uptrend channel around $79,700.
The Eagle indicator is showing negative signals and, in turn, overbought signals, so a good entry point for short positions could be considered below the 5/8 Murray line, with a target at the 200 EMA around $71,875.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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