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Bitcoin is trading around $75,135, above the 4/8 Murray line and within the uptrend channel formed since March 29, with a positive bias.
Over the weekend, Bitcoin fell below the 5/8 Murray line to around the $78,125 level, moving from the upper band of the uptrend channel to the lower band of the uptrend channel.
This technical correction in Bitcoin could mark the start of a new bearish sequence, but this remains to be checked. In this case, we should watch to see if BTC falls below the uptrend channel in the coming days and consolidates below the 3/8 Murray line and below the 200 EMA, which could signal the beginning of a downtrend.
If Bitcoin consolidates above $75,000 in the coming hours, this could be seen as a buying opportunity with targets at $75,800 and at the 5/8 Murray level around $78,125.
The Eagle indicator continues to show a negative signal, so if Bitcoin fails to consolidate above $76,000, it could be considered a signal to sell with targets at the psychological level of $70,000 or around the 200 EMA at $71,600.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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