Bitcoin is trading around $63,156, rebounding after reaching the 2/8 Murray around $62,500. Bitcoin is likely to consolidate around this area in the coming days, as this level coincides with the lower band of the downtrend channel, which in turn acts as support.
If Bitcoin rebounds above this level in the coming hours, we could expect it to reach the 21SMA around $66,596 and could even reach the upper band of the downtrend channel around $68,750, a level that coincides with the 3/8 Murray.
A sharp break below the downtrend channel and a consolidation below 2/8 Murray could be seen as a clear signal to sell with a target at the 1/8 Murray around $56,250.
The outlook for Bitcoin remains negative as the Eagle indicator is showing bearish signals; hence, BTC is expected to reach the 1/8 Murray around $56,250 in the coming days. The instrument could even reach the psychological level of $50,000.
A recovery of Bitcoin above $68,750 may confirm a positive outlook and a return to the 4/8 Murray around $75,000.
As long as the price remains above $62,500, traders have an opportunity to buy with a target at $66,596.
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