BTC is trading below the psychological level of $80,000, and we believe it could continue to fall in the coming days until it reaches the lower band of the downtrend channel, located around $76,500. If bearish momentum prevails, the cryptocurrency could reach around $75,000.
Given that during the Asian trading session, BTC attempted to break above $80,300 but encountered strong resistance, this could now signal a continuation of the downtrend.
If BTC consolidates above $79,883 in the coming hours, we could expect it to reach $81,250; this zone represents the 6/8 Murray level, which could act as a strong barrier.
Provided that BTC gets stuck under downward pressure below $81,250, the outlook remains negative, and we reckon that the price could reach $75,000 in the coming days and even the psychological level of $70,000.
