Bitcoin is trading around $77,384, below the 200 EMA and within the downtrend channel formed since May 10, as well as within the secondary uptrend channel formed since May 18. BTC is in a critical zone, and we could expect it to continue falling in the coming hours.
If Bitcoin falls below the 21 SMA at $77,259 and below the uptrend channel, it could reach the 4/8 Murray level around $75,000 in the coming days.
Conversely, if Bitcoin consolidates above the 200 EMA and above the 5/8 Murray level, this could be seen as a positive signal to buy, with a target at $79,872. BTC could even grow to the 6/8 Murray level around $81,250.
The outlook for BTC is bullish, but Bitcoin is struggling to rise as it is showing signs of exhaustion. So, we could expect it to consolidate above $75,000 in the coming days. If the cryptocurrency consolidates above the 4/8 Murray level, there is a strong positive signal to buy on a technical rebound until BTC reaches the psychological level of $80,000.
A decisive break above the 200 EMA and above the 5/8 Murray line would present an opportunity to buy above $78,000, with targets at $80,000 and $81,250.
