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Bitcoin is trading around $89,333, rebounding after reaching $87,600. This level coincided with the 2/8 Murray support, which gave it an opportunity for a technical rebound.
If Bitcoin continues to recover some of its losses and consolidates above $87,500 in the coming hours, it will be seen as an opportunity to open long positions with targets at the 200 EMA around $91,688 and the 21 SMA located at $92,620.
On the contrary, if Bitcoin falls below $87,500, a strong bearish acceleration will follow, and BTC could reach the 1/8 Murray around $81,250. This level could be the target for bears.
Given that Bitcoin is under bearish pressure, if it fails to consolidate above $92,700, it will be seen as a signal to open short positions, with targets at $87,000 and $81,250.
The Eagle indicator has reached oversold levels, so a technical rebound is likely to occur in the coming days. If Bitcoin consolidates above the 2/8 Murray, it will be seen as a signal to enter long positions. Once the price is below $92,500, it will be treated as a bearish signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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