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Bitcoin has been trading around $91,666 within the uptrend channel formed since November 21, but it is now showing signs of exhaustion. BTC managed to recover over the weekend after falling to $87,500.
Bitcoin could continue its rise over the next few days and could reach the 200 EMA around $94,000. It could even reach the top of the uptrend channel around $96,200.
Given that Bitcoin is showing positive signs, we could expect any pullback as long as the price consolidates above the 2/8 Murray. This could be seen as an opportunity to continue buying.
On the other hand, if Bitcoin reaches the strong resistance of $96,000 in the coming days, it could be seen as an opportunity to open short positions, as the top of the uptrend channel is likely to exert pressure, and we could expect a technical correction.
The Eagle indicator is showing signs of exhaustion, so we expect a pullback in the coming days. Above $87,000, any technical rebound could be seen as an opportunity to open 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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