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Bitcoin is trading around $88,760 above 2/8 Murray and above the 21 SMA with a bullish bias.
Bitcoin is expected to continue rising in the coming hours as it is showing a strong positive signal.
If Bitcoin consolidates above $87,500, any pullback towards this support will be seen as a buying opportunity with a target at the top of the downtrend channel formed since January 13 around $90,150.
If the bullish force prevails and there is a sharp breakout of the downtrend channel and a consolidation above the 200 EMA located around $91,200, it will be seen as an opportunity to buy with a target around the 3/8 Murray located at $93,750.
Given that Bitcoin is within a downtrend channel and if the price falls below $87,500, we could expect a bearish acceleration to occur, and BTC could reach $83,550 and, finally, the 1/8 of Murray around $81,000.
The Eagle indicator is showing positive signals. So, it is likely that Bitcoin will reach $93,750 in the coming daysand could even reach $97,000 if the price consolidates above 2/8 of Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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