Bitcoin is trading around $67,768 below the 21 SMA and below the 3/8 Murray within a downtrend channel formed since early February and showing signs of exhaustion of bullish strength.
Yesterday, during the US session, Bitcoin attempted to touch the psychological level of $70,000 but encountered strong resistance around the 21 SMA. From that area, we are seeing a pullback, so BTC is likely to continue its bearish cycle in the coming days and is expected to reach the 2/8 Murray around $62,500.
In case of a pullback towards the upper band of the downtrend channel around $70,000, this will be seen as a signal to open short positions with targets around the psychological level of $60,000.
The overall outlook for Bitcoin remains negative as investors continue to take refuge in gold, causing risk assets to lose value. Therefore, we must be cautious as a bearish move towards key support levels of $62,560 could be the target for bears.
The Eagle indicator is showing a negative signal, so in case of a pullback, it will be seen as an opportunity to open short positions only if the price consolidates below $70,800.
