Bitcoin is trading around $68,763, above the 3/8 Murray line, and showing signs of consolidation. If BTC remains in this range, a technical rebound is likely to occur in the coming days.

If the Bitcoin price consolidates above $69,000, we could expect it to continue rising until it reaches the 200 EMA around 70,719 and could even reach the top of the downtrend channel around 71,200.

Conversely, if Bitcoin falls below $68,750, it is likely to continue its bearish cycle until reaching the bottom of the bearish trend channel around $65,200.

If Bitcoin encounters strong resistance around $70,900—where the top of the downtrend channel is located—this could be seen as an opportunity to resume selling, with targets at $68,750 and at the 2/8 Murray level around $62,500.

The Eagle indicator has reached oversold territory, so we expect the price of the leading cryptocurrency to recover above $68,750.