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Early in the American session, Bitcoin was trading at $83,600 around the 21st SMA and within the downtrend channel forming since early March. BTC has been consolidating around $84,000. However, there is strong resistance at the 6/8 Murray and the 200 EMA around 88,247, which is putting pressure on BTC.
The outlook remains bearish for BTC in the coming days. The target for bears is $75,000 around the 4/8 Murray. It could also serve as a key level for bulls because this area could also offer an attractive buying opportunity.
On the other hand, if Bitcoin attempts to break the downtrend channel around $85,500 in the coming hours, this could be seen as an opportunity to sell with targets at 5/8 Murray around $81,250, and finally at the 4/8 Murray at $75,000.
This week will be crucial for Bitcoin as various major central banks will announce their interest rate decisions, which could affect Bitcoin's strength. If, under all circumstances, market sentiment shifts toward risk aversion, we could expect Bitcoin to fall toward $75,000.
The key point for selling Bitcoin is to wait for it to reach $87,500 to $88,500, both of which could be good points to sell with short-term targets around $80,000 and $75,000.
Our trading plan for the next few hours is to sell BTC within the downtrend channel or below 85,500 with targets at 81,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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