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Bitcoin was trading around $69,551 amid a strong uptrend, as the price had been consolidating several days ago above the 200-day EMA and 21-day SMA.
BTC accelerated its upward movement, breaking through the Murray 5/8 and 6/8 levels, reaching the psychological threshold of $70,000 and peaking at around $70,460.
This strong upward movement in Bitcoin could weaken in the coming days, as there is a possibility it will continue to fall. Therefore, we could look for selling opportunities whenever the price consolidates below the Murray 7/8 level, around $71,875.
The latest Japanese candlesticks on the H4 chart show that Bitcoin has struggled to maintain its price around the psychological level of $70,000. However, we could expect a technical correction in the coming days, which could push the BTC price down to $68,750 or even cause it to pull back toward the Murray 5/8 level, around $65,625.
Our outlook for Bitcoin remains bearish, but we must proceed with caution, as consolidation below $70,000 is still possible. On the other hand, if a rally toward $71,875 occurs, it could be considered an opportunity to open short positions.
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