Bitcoin (BTC/USD) is trading around 58,433, below the 200 EMA, below the 21 SMA, and below the symmetrical triangle that was broken on August 14.

Since August 8th, BTC has tried several times to break the 200 EMA area and also the 4/8 Murray pivot point at about 62,500.

As Bitcoin failed to break above 62,000, we have seen that a triple-top pattern has formed. Therefore, if the Bitcoin price settles below the psychological level of $60,000 in the next few days, the crypto could reach 0/8 Murray around the psychological level of $50,000.

Yesterday, after the US inflation data, Bitcoin fell below 61,000. Since then, we have been watching a strong bearish bias. In case there is a technical rebound in the next few hours around 56,500, it will be seen as a signal to buy.

If BTC consolidates below 59,500, it could be seen as an opportunity to resume selling with targets at 56,250 and finally at 53,125.

Yesterday, the eagle indicator reached 95 points, thus showing a strong overbought market. Now, the indicator is giving a negative signal. So, we believe that as long as BTC trades below 62,500, any technical rebound will be seen as an opportunity to sell.