Bitcoin is trading around $78,326, finding strong support near the 5/8 Murray level. This area could enable a technical bounce toward the psychological level of $80,000, as the upper band of the downtrend channel lies near this zone.

If Bitcoin consolidates above $78,125 in the coming hours, it will be seen as a buying opportunity, with targets at $79,593. A decisive break above this zone could drive Bitcoin toward the 6/8 Murray level around $81,250.

Conversely, a break below the 5/8 Murray level could be seen as a bearish signal, and we expect Bitcoin to reach the lower band of the uptrend channel around $77,000. A break below this zone could push the instrument to the lower band of the downtrend channel, located around the psychological level of $75,000.

Bitcoin is expected to continue its technical correction in the coming days. Hence, a strong downward move is realistic.

Given that Bitcoin has upside potential and is currently trading above the 5/8 Murray level, we should keep an eye on this area; a technical bounce could be a positive signal to buy in the coming hours.

The Eagle indicator is showing a negative signal, and we believe Bitcoin could continue to fall in the coming days if the price drops below the 5/8 Murray level.