Bitcoin is trading around $68,113 under downward pressure below the 200 EMA and below the 21 SMA. Over the weekend, Bitcoin initiated a strong technical rebound above $66,000, reaching a high of around $70,500. Since then, we have seen a technical correction, and it is likely to continue falling in the coming days.

If Bitcoin consolidates below the 200 EMA around $69,061 in the coming hours, we could view this area as a signal to take short positions, with targets at $66,000, at the strong support level of $65,500, and finally at the 2/8 Murray level around $62,500.

If a pullback occurs in the coming hours toward the upper band of the downtrend channel around $70,100, we could view this area as a signal to take short positions, with targets at $68,113—where the 21 SMA is located—and finally at the 2/8 Murray level around $62,500.

A decisive breakout of the downtrend channel and consolidation above the 200 EMA and above the psychological level of $70,000 could mark the start of a new bullish sequence, and we could expect Bitcoin to reach $72,000—its March 24 high—and potentially even reach the 4/8 Murray level around $75,000.

The Eagle indicator is showing a negative signal, so as long as the price continues to trade within the downtrend channel, it will be seen as an opportunity to take short positions below the psychological level of $70,000.