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Bitcoin is trading around $106,574 within a descending trend channel formed on October 27th, bouncing after reaching the key 2/8 Murray support level.
If Bitcoin's price consolidates above the 2/8 Murray support level in the coming hours, we could expect a recovery, potentially climbing to the top of the descending trend channel around $109,000.
A strong resistance zone is located around the psychological level of $110,000, which coincides with the 3/8 Murray level and the 200 EMA. This level could act as a strong barrier for Bitcoin. If the price fails to break through this zone, the bearish cycle could resume.
We believe that Bitcoin could continue to fall in the coming days if the price retraces or consolidates below $106,000, which could exert strong downward pressure. So, we could expect BTC to reach 1/8 Murray around 103,125.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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