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Bitcoin is trading above the strong resistance at the 6/8 Murray line, which could signal a continuation of the bullish movement in the coming days, potentially reaching the 7/8 Murray line around $121,875.
If Bitcoin consolidates above the 21SMA around $118,000 in the coming days, a strong bullish movement is expected, and it could even reach its all-time high around $123,000.
Conversely, if Bitcoin falls below these support zones, the outlook could be bearish, and we could expect it to reach the 5/8 Murray line around $115,500 and even reach the 200 EMA around $113,000.
The eagle indicator has been showing a positive signal since July 21. It is likely that any pullback in Bitcoin in the coming days will be seen as a signal to continue buying.
Bitcoin could be consolidating below $121,700, and above $117,000, this range-bound zone could offer an opportunity to buy and sell in the coming days.
Bitcoin bulls expect the price to reach $125,000 around 8/8 Murray; this could be their last opportunity for significant profit-taking. Once this target is reached, Bitcoin buyers could sell BTC and buy USDT, and then we could see a deep correction that could reach the psychological level of $100,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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