Bitcoin is trading around 67,065, losing its value after reaching the top of the symmetrical triangle pattern. It is likely to reach 66,500, where the bottom of this pattern is located. In the next few hours, a technical rebound is likely to occur in this area, which would be seen as an opportunity to buy.
BTC/USD has bullish potential and is likely to reach the psychological level of $70,000 in the coming days. However, the formation of the symmetrical triangle pattern suggests that there could be consolidation in the coming days which could be seen as an opportunity to buy and sell within this pattern.
A sharp break above 67,800 could be positive and Bitcoin could reach 6/8 Murray at 68,750 and even the psychological level of $70,000.
On the contrary, a fall below 66,200 could be seen as an opportunity to sell and Bitcoin could reach the 200 EMA at 64,756 and even 4/8 of Murray at 62,500.
The pivot point is located at about $62,000. Therefore, we believe that as long as Bitcoin trades above this area in the coming days, the outlook will be positive. So, any technical rebound will be seen as an opportunity to buy.
