Bitcoin is consolidating around the 3/8 Murray located at $68,750. It will likely attempt to break through the top of the downtrend channel in the coming days and could reach the 200 EMA around $71,415.
Conversely, if Bitcoin falls below the 3/8 Murray, we could expect a bearish acceleration, and it could continue to fall until it reaches the 2/8 Murray located at $62,500.
Given that Bitcoin is biased to the upside, we could expect it to continue rising in the coming days. Any pullback towards the 21 SMA could give us an opportunity to open long positions with targets at $71,500 and the 4/8 Murray around $75,000.
Only a drop below $66,000 could change its bullish outlook, and we could see Bitcoin return to the psychological level of $60,000.
Bitcoin is expected to continue falling in the medium term until it reaches the psychological level of $50,000.
The Eagle indicator is approaching overbought levels, so a technical reversal could occur below the 200 EMA.
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