Bitcoin is trading around $65,440, showing signs of exhaustion in the bearish momentum. BTC will likely consolidate above $66,246 (21 SMA) in the coming hours. If so, we could expect a recovery during which the price could reach the top of the downtrend channel around $69,000.

If Bitcoin settles below $66,250, it could remain under bearish pressure, and we expect it to reach the 2/8 Murray around $62,500 in the coming days. BTC could even reach the lower band of the uptrend channel around $61,000.

Bitcoin is expected to continue consolidating over the next few weeks above $60,000 and below $75,000, as geopolitical tensions are causing investors to take refuge in gold. Risk aversion could keep risk assets such as Bitcoin under downward pressure.

We expect to look for opportunities to buy Bitcoin when it reaches the 2/8 Murray support levels or the psychological level of $60,000. This could allow us to open long positions with targets at $70,000 and $75,000.

On the other hand, a consolidation above $66,500 (21 SMA) could also be seen as a signal to buy Bitcoin, as it could break and confirm the bullish pennant pattern that is forming on the H4 chart.