Since March 10, Bitcoin (BTC/USD), has been trading within the downtrend channel. This week in a single day, BTC gained more than 15%, however, it could not sustain the gains.
Having reached the top of the downtrend channel around $68,000, BTC made a technical correction. Currently, it remains under bearish pressure. It is likely to continue its fall in the next few hours until it reaches the 200 EMA at 62,500.
We should pay attention to this key 2/8 Murray level which coincides with the 200 EMA. It could be seen as an opportunity to buy as it could offer good support to Bitcoin. Since it is the weekend, Bitcoin will likely try to rebound since the markets remain closed. The crypto could rebound if it returns to 66,500.
We believe that BTC could stabilize around the 62,500 area. With a break below this area, the price could quickly reach the psychological level of $60,000 and could even touch the bottom of the downtrend channel around 58,200.
Once this level is surpassed, we could already be thinking about a downward trend. In the short and medium term, BTC could reach the psychological level of $50,000.
On the contrary, if Bitcoin sharply breaks the bearish trend channel above $67,000, we could expect a recovery in the short term and the price could reach 3/8 Murray at 68,750, and finally, the level cherished by the bulls at $75,000 (4/8 Murray).
Our strategy for the next few hours is to buy Bitcoin around 62,500 and sell in case there is a pullback at 66,500. We believe that during the next few days, BTC is set to trade in a range-bound market.
