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Bitcoin is trading around $70,813, undergoing a technical correction after reaching the upper band of the downtrend channel that has been forming since March 15.
Bitcoin attempted to break above the downtrend channel but failed, and we are now seeing a technical correction. Hence, the price is likely to continue falling over the next few days until it reaches $68,750.
If Bitcoin consolidates below the 200 EMA and below $71,000 in the coming hours, this could be seen as a sell signal, with targets at $69,814, $68,750, and finally at the bottom of the downtrend channel around $65,000.
The outlook for Bitcoin remains negative, so we will look for opportunities to sell below $72,000, with targets at the psychological level of $70,000 and the strong support at $68,750.
Above $72,000, the outlook could change, and BTC is expected to reach the 4/8 Murray level around $75,000; it could even break through this zone and reach its high of $76,500.
The Eagle indicator is showing a negative signal. Therefore, as long as the price trades within the downtrend channel, any technical rebound will be viewed as a signal to sell in the coming days.
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