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BTC/USD, after several weeks of trading above $100,000, reached the psychological level of $100,000 and even briefly traded at the $98,700 level.
From this key level, we observed a strong recovery in BTC, and the price is now consolidating around $102,134. It is likely to continue rising in the coming hours to reach the 2/8 Murray level around $106,250, which represents strong resistance.
Bitcoin has been trading within a descending trend channel formed since the end of September, and we are now observing a recovery. A technical rebound suggests that the psychological level of $100,000 could act as good support for Bitcoin in the coming days.
Conversely, if the price continues its downward cycle, we could expect it to reach -1/8 Murray at about 96,875. This level is key and could be seen as a good point for a technical rebound.
The Eagle indicator has reached oversold levels, so we expect to look for long positions to open around $100,000 in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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