Bitcoin is trading around $73,815 within the downtrend channel that has been forming since October 27 and is consolidating below the Murray 4/8 line and the 21-day simple moving average (SMA), indicating that the downward momentum is waning.

If Bitcoin decisively breaks above the Murray 4/8 level in the coming hours and consolidates above $74,565, this could be considered a positive buy signal, and we could expect it to reach the Murray 3/8 level, around $78,125, and ultimately reach the 200-day exponential moving average (EMA), around $78,709.

Since Bitcoin is in a critical zone below the Murray 4/8 pivot point, strong downward pressure could emerge in the coming days. Therefore, we must be very cautious, as it could reach the Murray 3/8 level, around $71,875, and ultimately reach the psychological level of $70,000.

Since Bitcoin has struggled to consolidate above $75,000—and is now trading below this level—this technically favors a continuation of the downtrend over the next few days.

Above $75,000, the outlook could change, and this could be seen as a positive sign; therefore, we should keep a close eye on this Bitcoin price level, and if the price breaks above this zone, it will be seen as a buy signal.