Bitcoin is trading around $73,813, approaching the strong 4/8 Murray resistance level and the psychological $75,000 mark.
Bitcoin shows upside potential, but it may struggle to break through the $75,000 barrier, as this represents strong weekly resistance. BTC is likely to face strong selling pressure below this zone.
If Bitcoin continues to rise and consolidates above $75,000, we could expect it to reach the top of the uptrend channel around $77,200.
If Bitcoin reaches $75,000 in the coming hours, this zone could be seen as a good point to take short positions, as the H4 chart shows the price is exhibiting signs of exhaustion, and a technical correction is likely to occur in the coming days.
An area to consider short positions if the price exceeds $75,000 will be the upper band of the uptrend channel; a move below $77,500 will be seen as a sell signal.
If Bitcoin falls from current price levels, we could sell with targets around the 200 EMA at $70,654. The crypto is ultimately expected to find strong support around the 3/8 Murray line at $68,750.
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