Bitcoin is trading around $70,236, below the 200-day EMA and within a downtrend channel that formed after it reached its high of $76,000.
In the coming hours, Bitcoin is likely to reach the 3/8 Murray level around $68,750 and could even reach the March 8 low around $65,500.
If Bitcoin consolidates above $71,000, we could expect a recovery, and this could be seen as a buying opportunity with targets at $71,900, where the 21 SMA is located. Once this level is surpassed, we can expect the price to quickly reach the 4/8 Murray level around $75,000.
The Eagle indicator is showing a negative signal, so if a pullback occurs toward the top of the downtrend channel around $71,500, it could be seen as a signal to open short positions with targets at $68,500, and BTC is even expected to reach the 2/8 Murray level around $62,500.
Bitcoin has demonstrated that $75,000 has now become a strong resistance level, and the $65,000 area acts as solid support, so we expect the price to trade within these ranges in the coming days.
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