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Bitcoin is trading around $103,125 above the 1/8 Murray level, bouncing after reaching the bottom of the descending trend channel formed on October 24th around $98,400.
If Bitcoin pulls back towards the psychological $100,000 level in the next few hours, we could see this area as a buying opportunity, as we expect it to continue recovering some of its losses, and we believe this will be seen as a buy signal.
Should Bitcoin consolidate below the psychological $100,000 level, it could test the key support around the -1/8 Murray level located at $96,875.
The Eagle indicator is showing oversold signals, so any pullback while the price trades above $100,000 will be seen as an opportunity to open long positions.
We believe that Bitcoin could reach $106,250 around the 2/8 Murray level in the coming days, and a break above this zone could lead to a move towards the psychological level of $110,000.
The outlook for Bitcoin remains the same: consolidation above $100,000 and below $112,500. Therefore, we can buy and sell Bitcoin in the coming days within these ranges.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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