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Early in the American session, Bitcoin is trading around 89,034, above 6/8 Murray, and below the 200 EMA which acts as a dynamic resistance.
Bitcoin is still under bearish pressure and continues its fall. The last few sessions have seen it consolidating above $80,000 and below 94,000. It means it could be preparing for a new bearish sequence.
The uncertainty and volatility of Bitcoin is causing many investors to liquidate their positions in Bitcoin and buy more stable coins like USDT or some are looking for other altcoins.
On Thursday, Bitcoin gained almost 10% in a few hours due to President Donald Trump's announcement about Bitcoin's strategic crypto reserve. This favored the BTC price, however, Bitcoin could not hold above this area. Now we see it is extending its slide.
In the next few hours, the February employment data will be published. This data also affects Bitcoin. If the data is positive for the United States, we could expect a strong fall in Bitcoin that could reach $85,000 or even $80,000 during the weekend.
On the H4 chart, it is technically obvious that Bitcoin is overbought. Thus, our strategy is to sell Bitcoin below 6/8 of Murray located at 87,500 or in case there is a pullback towards the 200 EMA below $93,000, with targets at 5/8 of Murray located at 81,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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