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Bitcoin is trading around $9,281, retreating after reaching strong resistance at the 94,200 level, which coincided with the 3/8 Murray and, in turn, with the 200 EMA.
In the coming days, Bitcoin is expected to continue its technical correction until it reaches the 2/8 Murray located at 87,500.
If Bitcoin consolidates below $94,000 in the coming hours, any failed attempt to break through this zone will be seen as an opportunity to open short positions with a target around the 21 SMA located at $90,780 and finally at the bottom of the uptrend channel around $87,700.
The Eagle indicator is showing overbought signs, so any technical rebound is expected to be seen as an opportunity to open short positions in Bitcoin for the next few days.
If Bitcoin consolidates above $94,000 in the coming days, we could expect it to reach the top of the uptrend channel around $96,500. This level could also serve as a point for opening short positions.
If the bullish momentum prevails and Bitcoin breaks through $96,500, it is more likely to reach the psychological level of $100,000. However, at this point, Bitcoin could accumulate strong overbought conditions and could be at risk of a technical correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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