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Over the weekend, Bitcoin consolidated above the 200 EMA and above the 5/8 Murray line, but subsequently fell below this zone. It is now clearly visible on the chart that it is under downward pressure; we could expect it to reach the 4/8 Murray line around $75,000 in the coming days.
In case of a pullback toward the 200 EMA, which coincides with the 21 SMA at $77,748, we could view this zone as an opportunity to open short positions, with targets at $76,600 and ultimately at the 4/8 Murray level around $75,000.
A drop in Bitcoin below $75,000 could lead to a strongly bearish scenario. Thus, BTC could reach the psychological level of $70,000.
However, we observe that technically, Bitcoin is reaching oversold levels, so a recovery is likely in the coming days; it could once again reach $81,250 and might even hit the 7/8 Murray level around $84,375.
A decisive breakout and consolidation above the 5/8 Murray level could signal a bullish scenario for Bitcoin, and we could view this area as a potential buying opportunity in the coming days.
Conversely, a move below the 5/8 Murray level would be seen as a sell signal.
The Eagle indicator has reached oversold levels, so we believe a Bitcoin recovery could occur in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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