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Bitcoin is trading around $88,635 within the uptrend channel formed since December 18, above the 2/8 Murray and the 21 SMA with a slightly bullish bias but showing signs of a technical reversal.
If Bitcoin consolidates above $87,500 in the coming hours, it is expected to continue its bullish cycle and could reach the 200 EMA around $89,818 and finally reach the top of the uptrend channel around $92,350.
A sharp break above the uptrend channel could allow Bitcoin to accumulate a more sustained recovery, and we could expect it to reach Murray's 3/8 around $93,750. Eventually, Bitcoin is expected to reach the psychological level of $100,000 in the coming weeks.
Conversely, if Bitcoin consolidates below $87,500, the outlook could be negative, and it could quickly reach 1/8 of Murray around $81,250.
The Eagle indicator is approaching overbought levels, so we must be careful if the price is hovering around $92,000, as a technical correction could occur below this zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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