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Bitcoin is trading around $66,190, pulling back after reaching a high of around $67,293. This level coincided with the upper band of the uptrend channel, where Bitcoin encountered strong resistance, and we now expect it to continue falling in the coming days.
If Bitcoin rebounds above $66,000 in the coming hours, we could expect an attempt to test the strong resistance at $67,300 again. This level could offer an opportunity to reopen short positions, with the nearest targets at the 21 SMA around $64,758. Ultimately, we could expect BTC to reach the lower band of the uptrend channel around $63,500.
Bitcoin is expected to trade between a high of $67,300 and a low of $63,000 in the coming days; this range could allow us to look for opportunities to buy and sell.
A good idea could be waiting for Bitcoin to reach support at $64,800—a level that coincides with the 21 SMA and could allow us to reopen long positions. Following a relief from the downward pressure, as observed on the H4 chart—since the Eagle indicator has reached extremely overbought levels—we could buy again.
A decisive break below the downtrend channel could accelerate Bitcoin's bearish cycle, and we could expect it to retest the psychological level of $60,000 and potentially even reach the -1/8 Murray level around $59,375.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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