Bitcoin is trading around 71,719, making a technical correction after an attempt to break the area of 73,500. BTC is now consolidating below the 21 SMA located at 72,300 but could find strong bullish momentum if it bounces around the uptrend channel. This could allow the bulls to buy with the target at $75,000.
Bitcoin is expected to consolidate throughout this month, this time, between 68,750 and 75,000. Therefore, we could expect opportunities to buy above 3/8 Murray and sell below 4/8 Murray.
A drop below 68,750 could accelerate the bearish move and Bitcoin could reach 2/8 Murray at 62,500 and even the psychological level of $60,000, a level that coincides with the 200 EMA located at 60,287.
Bitcoin could resume its bullish cycle if it consolidates above 72,500 (strong resistance). Then, it could reach $75,000. If it overcomes this barrier, it could even approach the landmark level of $80,000.
Considering that 4/8 Murray is a strong resistance and according to our technical chart, Bitcoin is likely to have difficulty breaking above $75,000 which could be seen as an opportunity for us to sell below this area in the coming days.
