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Bitcoin is trading around $76,224, breaking the uptrend channel that had been forming since early March. It is now entering a bearish phase, although we could see some consolidation around this level in the coming days.
If Bitcoin continues to fall, it is expected to reach the target and the pivot point ahead of Murray's 4/8 around $75,000.
A technical bounce above $75,000 could be positive for buying targets at the 21 SMA around $77,550 or around $78,125, located at Murray's 5/8.
If bearish momentum prevails, we could expect Bitcoin to reach the 200 EMA around $73,930 and eventually reach Murray's 3/8 level around $71,875.
A decisive breakout and consolidation above the 21 SMA could resume Bitcoin's bullish cycle, but we must be cautious as the Eagle indicator is showing a negative signal.
Given that Bitcoin is overbought on the daily chart, we could look for opportunities to sell below $77,500 or below $78,000 with a target at the psychological level of $70,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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