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Bitcoin is trading around $89,933, rebounding after reaching the 2/8 Murray ($87,500) and the bottom of the downtrend channel formed since January 12.
Bitcoin is struggling to continue rising as it is facing strong resistance from the 200 EMA around $91,649 and the top of the downtrend channel located at $92,500.
If Bitcoin continues to rise in the coming hours, we could open positions to buy with targets at $91,649 and finally $92,500.
On the contrary, if Bitcoin decisively breaks the downtrend channel and consolidates above $93,000, the outlook could be positive.
If BTC/USD continues to rise, it will have to challenge the strong 3/8 Murray resistance located at $93,750. Once this level is broken, we could expect Bitcoin to continue rising and reach January's high of around $98,000 and finally reach the psychological level of $100,000.
If Bitcoin encounters a strong barrier around the top of the downtrend channel, it suggests an opportunity to open short positions with targets at $87,500 and finally at the 1/8 Murray around $81,000.
The Eagle indicator is showing positive signals, so any pullback in Bitcoin will be seen as a signal to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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