FX.co ★ Trading Signals for Bitcoin (BTC/USD) for April 30 - May 7, 2024: sell below $62,500 (21 SMA - 4/8 Murray)

Bitcoin is trading around 61,266 under strong bearish pressure. During the European session, it tried to break the top of the bearish trend channel forming since March 30 around 64,700.

Bitcoin has been trading within a downward trend channel for several days since approximately March 10. However, since the beginning of April, it developed a strong technical correction. Now, we observe that the price is consolidating around the psychological level of $60,000.

In case Bitcoin continues to fall, we could expect it to find good support around the bottom of the downtrend channel forming since March 10 around 58,500.

With a sharp break below this primary bearish channel, the price is expected to slump to the bottom of the secondary bearish channel around 54,200. If bearish pressure prevails, the crypto could even weaken to the 200 EMA at 51,944.

On the other hand, in case Bitcoin breaks sharply above the downtrend channel and consolidates above $65,000, the outlook could be positive. Hence, we could expect it to reach 6/8 Murray at 68,750 and the psychological level of $70,000.

Given that there is strong bearish pressure, in case of any technical rebound as long as BTC trades below 64,727, we will look for opportunities to sell.