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Bitcoin is trading around $91,494, rebounding after reaching the psychological level of $90,000. This time, Bitcoin is expected to have strong upside potential to break above -1/8 Murray and thus reach the psychological level of $100,000.
Given that the Eagle indicator has reached oversold levels, it is likely that Bitcoin will recover its accumulated losses in the coming hours and could reach $93,750, $95,750, and finally the top of the downtrend channel around $100,000.
If the price continues to consolidate around $90,000, there is strong support at the -2/8 Murray line located around $87,500. This level is key and could be seen as an opportunity to buy Bitcoin in the coming days.
A consolidation above $93,750 could signal a bullish trend for Bitcoin. Above this zone, there is a strong probability of a recovery with targets at the 200 EMA located around $104,064.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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