Bitcoin conquered a new high of around 57,384 at the 6/8 Murray level. Likely, the bullish force will still prevail and BTC could reach 7/8 of Murray located at 59,375 and could finally reach the psychological level of $60,000.
Technically, BTC is overbought on the daily and weekly charts and we could expect a technical correction in Bitcoin and it could reach the 5/8 Murray level located at 53,125.
Since February 14, for approximately 13 days, Bitcoin has been consolidating in the range between 52,830 and 50,500. After a strong break above the top of this range zone, we saw a strong bullish movement in Bitcoin. The price is likely to reach the 53,000 area in the coming days because this level has now become strong support.
If Bitcoin falls in the next few hours below 6/8 Murray located at 56,250, we could expect there to be a strong technical correction. It would be seen as an opportunity to sell with targets at $55,000, at 54,022 and finally, at 52,715.
