Bitcoin is rebounding after hitting a low of $67,323; it is currently trading around $71,696, up more than 5%, and is likely to continue rising in the coming days until it reaches the 4/8 Murray level around $75,000.
If Bitcoin consolidates above the psychological level of $70,000 in the coming hours, we could expect it to continue rising, and this could be seen as a signal to open long positions.
A pullback toward the 200 EMA around $70,855 or the 21 SMA at $69,714 would be a good point to place buy orders, as technically, the crypto could be gaining new upward momentum and could support the cryptocurrency's recovery.
If the BTC price falls back below $68,750, where the 3/8 Murray level is located, it could invalidate the bullish move, and we expect it to continue its bearish sequence, potentially reaching the 2/8 Murray level around $62,850.