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Bitcoin is trading around $77,391, rebounding after finding strong support at the lower band of the uptrend channel. The chart shows signs of exhaustion in the bullish momentum, as the strong 5/8 Murray line is keeping Bitcoin under downward pressure.
If Bitcoin consolidates below the 21 SMA at $77,363 in the coming hours, this could be seen as a signal to open short positions with targets at the 4/8 Murray line around $75,000.
The $78,125 zone has been putting pressure on Bitcoin since April 17. On previous occasions, we have seen a strong rejection. Given this, we could technically view this as a negative signal to sell Bitcoin, with short-term targets around the 3/8 Murray line at $71,875.
Conversely, a decisive break and consolidation above the downtrend channel formed since April 26 could revive the bullish cycle, and Bitcoin could rebound to the psychological level of $80,000 and even hit the 6/8 Murray level around $81,250.
The Eagle indicator is showing bearish signals, so our bearish strategy will remain in place as long as the instrument trades below $78,125.
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