Over the last 24 hours, Bitcoin began a sharp fall from the $68,000 area reaching the low of $62,407 during the European session.
Bitcoin is currently oversold and is likely to consolidate above the 200 EMA located around 62,039 in the next few hours. We could see this as an opportunity to buy.
2/8 Murray zone located at $62,500 gives Bitcoin hope for a recovery. Below this area is the 200 EMA. Both levels act as good support for BTC and we believe that a good technical rebound will occur above this area. So, we could buy with the target at $68,750 (3/8 Murray).
On the other hand, given that Bitcoin has been trading within a bearish channel since March 11, we believe that in case there is a technical rebound, it could reach the top of the downtrend channel around $66,000.
Only if BTC settles above 62K, it could resume its uptrend cycle. Otherwise, BTC could fall towards the psychological level of $60,000 and could even reach 56,250 located at 1/8 Murray.
The eagle indicator reached the oversold zone around 5 points. We could interpret this signal as a recovery of BTC for the next few hours or even days. Therefore, we could look for opportunities to buy above $62,000 (200 EMA).
