Bitcoin is trading around $76,938 following an initial technical correction that occurred yesterday during the US trading session. Bitcoin may be setting the stage for a technical rebound, as we are seeing consolidation on the 4-hour chart.

If Bitcoin consolidates above the 21-day simple moving average (SMA), currently at $77,500, in the coming hours, this could be seen as a buying opportunity, with targets at the upper band of the bearish channel, around the psychological level of $80,000.

Conversely, if downward pressure on Bitcoin persists, the price could reach the Murray 4/8 level, around the psychological level of $75,000.

A technical bounce around the Murray 4/8 level could offer an opportunity to open long positions, with targets at the 200-day exponential moving average (EMA), around $80,566.

On the other hand, a decisive break above the downtrend channel, followed by consolidation above the 200-period exponential moving average (EMA) and the Murray 6/8 level, could be a positive signal for the cryptocurrency, and we expect Bitcoin to reach $85,000 and, ultimately, the Murray 8/8 level, around $87,500.

On the H4 chart, we can see the formation of a double bottom pattern. If this pattern holds, we could expect consolidation above the 21 SMA, which could be viewed as a positive signal.