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Bitcoin is trading around $90,214 above the 21 SMA and above the 2/8 Murray ($87,500) after consolidating in this zone over the weekend.
Bitcoin resumed its bullish cycle and could now reach the 200 EMA around $91,191 in the coming hours. BTC could eventually reach the 3/8 Murray around $93,750.
If Bitcoin falls below $88,458, where the 21 SMA is located. At the same time, we also see the beginning of an upward trend channel. If it is also broken, then we could expect Bitcoin to drop to $87,500. It could even return to $84,560.
According to the H4 chart, the Eagle indicator is showing a positive signal, so any pullback in the coming hours towards $88,450 or $87,500 could be seen as an opportunity to open long positions with a target around $93,750 in the coming days.
On the chart, we can see that Bitcoin has decisively broken the downtrend channel. The odds are that it will reach $93,000 and could even return to the psychological level of $100,000.
If the scenario changes and the price falls below $87,500, it could alter the outlook for Bitcoin in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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