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Bitcoin is trading around $69,487, undergoing a technical correction after reaching $71,740 during Tuesday's US session.
Bitcoin failed to consolidate above the 200 EMA at around $70,486, and we saw a technical correction, with further declines expected in the coming days until the price reaches key support around the 3/8 Murray.
Bitcoin is now below the 200 EMA and above the 21SMA, so the price is still expected to resume its bullish cycle as long as it consolidates above $68,457.
A consolidation above the psychological level of $70,000 and above the 200 EMA would be seen as a signal to continue buying with a target at the 4/8 Murray around $75,000. BTC could even reach the top of the uptrend channel around $76,500.
Conversely, a drop below $68,500 and consolidation below the 3/8 Murray and below the 21 SMA could lead to a bearish acceleration, and Bitcoin could reach the $66,000 level, where it coincides with the bottom of the uptrend channel, which could trigger a technical rebound around this area.
A sharp break below the uptrend channel and consolidation below $66,000 could change Bitcoin's outlook. In this case, a negative bias is expected until the price reaches the 2/8 Murray around $62,500. It could even reach the psychological level of $60,000.
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