Bitcoin is trading at $67,464 within the downtrend channel formed on the H4 charts since February 8 after reaching its high of $72,000.

Bitcoin is expected to resume its bearish cycle in the coming hours and could reach the 2/8 Murray around $62,500.

In case of a sharp break above $68,000 and a consolidation above the 21 SMA located at $68,800, this will set the stage for a bullish cycle, and BTC could reach $72,000 and even the 4/8 of Murray around $75,000.

The Eagle indicator is showing a positive signal, so we expect Bitcoin to continue recovering some of its losses in the coming days.

From the low reached around the psychological level of $60,000 to its high of $72,000 from February 5 to 9, the 61.8% Fibonacci level is around $64,700.

If Bitcoin retreats and reaches the 61.8% Fibonacci level, there is strong support around this area, which could enable the crypto to resume its bullish cycle. Hence, BTC could reach the psychological level of $70,000 and finally the 4/8 Murray around $75,000.

A drop below the 2/8 Murray could put pressure on Bitcoin, and we could expect it to reach the psychological level of $60,000 and could even reach the 1/8 Murray around $56,000.