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Bitcoin traded around $92,493 after encountering strong resistance around $94,800. It is likely that Bitcoin will continue its downtrend in the coming hours and could reach the 200 EMA around $90,146.
If Bitcoin recovers above $92,500 in the coming hours, we could expect it to reach $95,000 and could even reach the top of the uptrend channel around $96,375.
A decisive break above $96,000 could be the start of a new bullish cycle, and Bitcoin could reach the psychological level of $100,000.
The Eagle indicator has reached overbought levels and is giving a negative signal, so we must be very careful when buying Bitcoin, as a strong technical correction could occur in most cryptocurrencies.
A good point to open long positions is to wait for Bitcoin to reach $90,000, a psychological level that also coincides with the 200 EMA, which could be seen as an opportunity to enter long positions with a target at $100,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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