Early in the American session, Bitcoin (BTC/USD) is trading around 68,925 within the downtrend channel forming since May 19. Having reached the high of 71,900, BTC made a technical correction and is now showing signs of exhaustion. So, we believe it could reach the 200 EMA located at 65,756 in the next few hours.
In case Bitcoin breaks down and consolidates above 68,616, then it could hit the psychological level of $70,000 and could even reach a high of 71,900. Finally, the price could hit the bulls' target only if it consolidates above this area and reaches the psychological level of $80,000.
The outlook could change and be negative for BTC in case it falls and consolidates above 65,760 in the next few hours, then it could reach the bottom of the downtrend channel located at 63,750 and could even reach the low of May 13 located at 60,900.
Our outlook for the next few hours will be negative and we believe that Bitcoin will be bearish. If BTC trades below the 21 SMA, there will be strong bearish pressure, so we will look for opportunities to sell with targets at $66,232 and $65,760.
