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Bitcoin is trading around $87,098, below the 21 SMA and below the 200 EMA, which indicates that it could continue its fall in the coming days and could reach 1/8 Murray around $80,000.
On the H4 chart, we can see that Bitcoin has been moving within an uptrend channel formed since November 19. However, on several occasions, around $93,750, it has attempted to break above this zone without success.
After a high of around $94,500, Bitcoin underwent a strong technical correction and is likely to reach $84,000 in the coming days. If this scenario occurs, it could even continue its downward acceleration and reach 0/8 Murray around $75,000.
We could expect a recovery in Bitcoin if it consolidates above the 21 SMA and above 2/8 Murray around $88,000. If this scenario occurs, we could expect it to reach the 200 EMA around $91,900, and it could even climb to the top of the uptrend channel around $95,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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