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Bitcoin is trading around $80,655, rebounding after hitting a low of $79,800. We are seeing the crypto rally, so BTC is likely to continue rising in the coming hours and could reach the 2/8 Murray level around $81,250.
A consolidation above the 21 SMA and above the 2/8 Murray level could support a recovery, and we could expect it to reach $82,911 and potentially even the 7/8 Murray level around $84,375.
A decisive break below the uptrend channel and consolidation below $80,000 could lead to Bitcoin returning to the $77,389 level, which coincides with the 200 EMA; this zone represents strong support.
The outlook could remain bullish for Bitcoin in the coming days if the instrument continues to trade above the 5/8 Murray level, in which case it could reach $81,250 and even $84,375.
A trend reversal could occur in Bitcoin if the price falls below $77,000, in which case we could expect a bearish acceleration toward $75,000 and even down to the psychological level of $70,000.
The Eagle indicator is showing a negative signal for Bitcoin, so we could expect a sharp drop if the price consolidates below $79,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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