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Bitcoin is trading around $90,927 after a bullish rally following its low of $80,000. Bitcoin is now overbought, as can be seen on the H4 chart. We could expect Bitcoin to fall below $92,500 in the coming hours, then it could reach the support at the bottom of the uptrend channel around $88,287.
The outlook remains bearish for Bitcoin. However, if the crypto maintains the bullish momentum, it could encounter strong resistance if it reaches the 3/8 Murray around $93,750.
The secondary uptrend that began on November 20 could give Bitcoin a new bullish momentum if it consolidates around $88,000 and could even offer good support at 2/8 Murray around $87,500.
Given that Bitcoin is showing signs of exhaustion, we may look for opportunities to sell below $92,000 with a target at $88,000.
If a pullback occurs towards the strong resistance at $93,750, it will be seen as an opportunity to sell in the coming days, with a target at $87,500.
The Eagle indicator is reaching overbought levels, so we must be careful when planning long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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