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Bitcoin reached a low around the psychological level of $80,000. From this level, we observed a technical rebound, so it is likely that BTC will continue to rise in the coming hours and could return to levels of $85,000 or even 2/8 Murray located at $87,500.
Given that the support at the bottom of the downtrend channel and the 1/8 Murray line coincided at $81,250, this level will be seen as an opportunity to open long positions if the price returns or rebounds above this zone.
The Eagle indicator has reached oversold levels, so we could consider long positions as long as the price consolidates above 1/8 Murray.
If the price falls below 1/8 Murray, we could expect BTC to reach the key support of 0/8 Murray around $75,000.
In the short term, the outlook for Bitcoin remains negative. An area where we could plan opening short positions could be around $87,500 or around $89,200, a level that coincides with the top of the downtrend channel.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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