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Bitcoin is trading around $74,700, below the 4/8 Murray line, and above the 21 SMA, showing consolidation after encountering a strong resistance zone.
Bitcoin could continue to rise in the coming days if it reaches the 21 SMA around $73,950. If a technical bounce occurs in this zone, it could provide a strong upward momentum and reach the upper band of the uptrend channel around $77,340.
If the technical correction continues, Bitcoin is expected to find strong support around the lower band of the bullish trend channel at $73,000. This zone could provide a strong boost for Bitcoin, potentially driving it to $75,000 and possibly even $78,000.
Given that the Eagle indicator has reached overbought levels, Bitcoin is expected to continue trading within a range in the coming days. Below $75,000, there could be strong downward pressure.
Conversely, above $75,000, Bitcoin could attempt to continue rising and is expected to reach the weekly high of $76,113 and, ultimately, the strong monthly resistance at $77,300.
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