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Bitcoin is trading around $84,094, having reached the upper band of the uptrend channel. We could expect a technical bounce in the coming hours, and since the price is right at the support zone, we could see the cryptocurrency recover toward the psychological level of $85,000.
If Bitcoin rebounds above current price levels in the coming hours, it could reach the 21 SMA around $85,077; this zone could act as strong resistance, and if it falls below it, we could see another technical correction.
If Bitcoin breaks decisively above the 21 SMA and consolidates above $85,000, the outlook could be bullish, and we could expect it to return to the $87,500 level.
Conversely, if Bitcoin reaches $85,100, we should keep a close eye on this price level, as technically we could expect a technical reversal to occur. BTC could even break decisively out of the uptrend channel and accelerate its move toward the 6/8 Murray level at $81,250.
The Eagle indicator has reached overbought levels, and technically, we could be looking at resistance zones at $85,100, $86,700, and finally $87,500 as areas to open short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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