Bitcoin is trading around 64,712 on the daily chart within a downtrend channel, forming since early June, and below the 21 SMA located at 67,617.
We can see in the chart above that since February, Bitcoin has been trying to break and consolidate above 7/8 Murray but it failed and plunged below this price more than five times.
Since Bitcoin cannot sustain the value of $72,000 and continues to decline below this price, it will likely continue its slide in the coming days if it consolidates below 5/8 Murray located at 65,625.
We expect Bitcoin to reach the key level and support of $62,500 (4/8 Murray) in the next few days. We must take into account the level of 67,617 (21 SMA). If BTC settles below this area, the bearish pressure will persist.
If there is a technical rebound and Bitcoin reaches the top of the downtrend channel around 65,600 in the coming days, it will be seen as an opportunity to resume selling, with targets at $62,500 and the 200 EMA located at $57,759.
On the other hand, if Bitcoin decisively breaks the downtrend channel, we could expect it to rise and reach the 21 SMA at 67,600 and 6/8 Murray at 68,750.
Given that Bitcoin remains under downward pressure below $69,000 (6/8 Murray), we will continue to look for selling opportunities. BTC could reach the low of April 25 around $56,500 in the short term.
