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Bitcoin is trading around 64,249, bouncing off the bottom of the uptrend channel forming since April 18 and below the 21 SMA and 200 EMA, showing signs of exhaustion. On the H4 chart, we can see that Bitcoin was consolidating above $65,600 but failed to continue its uptrend. It began a strong technical correction below the 200 EMA.
If Bitcoin resumes its bullish cycle in the next few hours and consolidates above 63,600, it is expected to reach 6/8 of Murray at 68,750 and finally, 7/8 of Murray located at 71,875 in the next few days.
If the bearish pressure continues, Bitcoin breaks down, and consolidates below $63,000, we expect it to reach 3/8 Murray at 59,375. Its price could eventually reach the psychological level of $50,000.
In case Bitcoin consolidates above the 21 SMA, the 200 EMA, and 5/8 Murray, this could change the outlook and would be positive for BTC. Above this area, the bulls will grasp the opportunity and Bitcoin could reach the psychological level of $70,000.
If Bitcoin fails to break and consolidate above this area, the bearish cycle could resume and in the short term, it could reach $60,000 and even 55,550.
Our trading plan for the next few hours is to buy Bitcoin above 63,600, with targets at 65,625 and 68,750. The Eagle indicator is reaching an overbought zone, but a technical rebound could occur in the next few hours.
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