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Bitcoin is trading around 96,850 within the bearish trend channel forming since the beginning of February. The Bitcoin price has been consolidating for the last few weeks below the psychological level of $100,000 and above $93,000.
On the H4 chart, Bitcoin is trying to break the top of the bearish trend channel, as during the last few trading sessions. It has consolidated above 3/8 of Murray and above the 21 SMA, which could favor a strengthening of Bitcoin.
If Bitcoin breaks the bearish trend channel sharply and consolidates above $97,000, we could expect it to reach 200 located around 98,638 and even surpass this level. It could reach the psychological level of $100,000 and, finally, climb to 5/8 of Murray located at 103,125.
On the contrary, if the Bitcoin price falls below $96,000, the bearish cycle is expected to resume. Hence, it could fall to 2/8 of Murray located at 93,750 and finally reach the psychological level of $90,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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