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Bitcoin is trading around $71,900, forming a symmetrical triangle pattern within the bullish trend channel forming since October 23.
Bitcoin could break and consolidate above $72,000 in the next few hours that could favor a bullish movement as a result of which the crypto could reach 73,160 and even 8/8 Murray the psychological level of about $75,000.
If Bitcoin falls below $71,800 (7/8 Murray), we could expect it to reach the psychological level of $70,000, which coincides with the 21 SMA. Besides, after breaking the bullish trend channel, BTC could sink as low as the 200 EMA around $65,894.
The eagle indicator is giving a positive signal. So, we believe that in the next few hours Bitcoin could continue its rise and even reach the high of $73,648.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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