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Bitcoin is trading around $68,750, at about the 3/8 Murray, showing a slight recovery after reaching $71,200.
In the coming hours, Bitcoin is expected to encounter strong resistance around the psychological level of $70,000, an area that coincides with the upper band of the uptrend channel, which in turn could exert strong rejection. Thus, we could expect a resumption of the bearish cycle.
If Bitcoin falls below Murray's 6/8 and consolidates below the 21 SMA, we could expect the downward movement to continue, with a target at Murray's 2/8 around $62,500.
Conversely, a sharp break above the downtrend channel formed since early February couldbe followed by a subsequent upward movement. In the short term, BTC/USD is expected to reach the 4/8 Murray around $75,000, and it could even reach the 200 EMA around $77,607.
The Eagle indicator is showing a negative signal, so we expect that Bitcoin could resume its bearish cycle in the coming hours after a pullback.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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