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Bitcoin is trading around $67,768 below the 21 SMA and below the 3/8 Murray within a downtrend channel formed since early February and showing signs of exhaustion of bullish strength.
Yesterday, during the US session, Bitcoin attempted to touch the psychological level of $70,000 but encountered strong resistance around the 21 SMA. From that area, we are seeing a pullback, so BTC is likely to continue its bearish cycle in the coming days and is expected to reach the 2/8 Murray around $62,500.
In case of a pullback towards the upper band of the downtrend channel around $70,000, this will be seen as a signal to open short positions with targets around the psychological level of $60,000.
The overall outlook for Bitcoin remains negative as investors continue to take refuge in gold, causing risk assets to lose value. Therefore, we must be cautious as a bearish move towards key support levels of $62,560 could be the target for bears.
The Eagle indicator is showing a negative signal, so in case of a pullback, it will be seen as an opportunity to open short positions only if the price consolidates below $70,800.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
