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Bitcoin is trading around $77,654, below the 5/8 Murray level and within the upward trend channel formed in early April. BTC is undergoing a strong technical correction but is finding significant dynamic support coinciding with the 21-day SMA.
Bitcoin could continue to fall in the coming hours, potentially reaching the lower band of the upward trend channel around $76,200. This area could offer a strong technical bounce for Bitcoin and could be considered an opportunity to open long positions, with targets around the psychological level of $80,000.
If the area where the 21-day SMA is located around $77,000 proves to be strong support for Bitcoin, and it bounces above this zone, we could see this as a buying opportunity, with targets at $78,500, $79,600, and ultimately the psychological level of $80,000.
Should Bitcoin break below the ascending trend channel and consolidate around $75,000, it could signal the start of a trend reversal. We could expect it to reach the 200 EMA around $72,850 in the short term, and even potentially the 2/8 Murray level around $68,750.
The Eagle indicator is currently showing a negative signal. So, if the price returns to its weekly high of $79,500 or reaches the upper band of the ascending trend channel, it could be considered a signal to continue selling.
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