Bitcoin is trading around $68,487 below the 21 SMA, showing signs of exhaustion after attempting to break the downtrend channel around $72,000.
Bitcoin is expected to resume its bearish cycle in the coming days and could reach the 2/8 Murray around $62,500. If bearish pressure prevails, BTC is expected to plunge to the 1/8 Murray around $56,250.
The outlook for Bitcoin remains bearish, so we will look for opportunities to open short positions below the psychological level of $70,000.
A consolidation above $70,000 and a break of the downtrend channel could see Bitcoin recover and reach the 4/8 Murray around $75,000.
In the meantime, Bitcoin is likely to move within the range below $70,000 and above $60,000 for the next few days.
The Eagle indicator is showing a bullish signal, so a technical rebound is likely to occur around $62,500 and could be seen as an opportunity to plan long positions.
