Bitcoin is trading around $68,247 above the 21SMA and consolidating after a technical correction towards $66,000.
On the H4 chart, we can see that Bitcoin could continue its rise in the coming hours and could reach the 200 EMA around $71,000. Once this zone is exceeded, Bitcoin could reach $75,000.
On the contrary, if Bitcoin falls below $66,000, we can expect a downward movement towards the 2/8 Murray support, which in turn coincides with the lower band of the downtrend channel.
Given that the Eagle indicator is reaching overbought levels, it is likely that Bitcoin will undergo a technical correction towards $65,000 and even towards the psychological level of $60,000 in the coming days.
The outlook for Bitcoin could be bullish if it consolidates above the 200 EMA. In this case, it could reach the 4/8 Murray target of around $75,000.
