Bitcoin is trading around 67,900 under strong bearish pressure after reaching the top of the uptrend channel around the psychological level of $70,000.
Yesterday in light of the US inflation data, Bitcoin gained strong bullish momentum, but could not consolidate above 69,800 and has made a strong technical correction since then. The crypto is now consolidating around the 200 EMA which could act as a bottom and offer a bounce.
If BTC consolidates above 68,000, traders could grasp the opportunity to resume purchases. However, if BTC remains under strong selling pressure, it could reach 5/8 Murray at 65,625.
The key for the next few hours will be to sell Bitcoin below 67,775 (200 EMA) with targets at 66,700 and 65,625. The eagle indicator is giving a negative signal. So, the price is likely to continue falling.
On the other hand, if Bitcoin consolidates above 68,000, the outlook could be positive and the price could climb to 6/8 Murray at 68,750 and could even reach the top of the downtrend channel around 69,250.
