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Bitcoin is trading around $81,257, reaching a strong support zone around the 6/8 Murray level, which could provide solid support if the price consolidates above this zone in the coming hours.
Bitcoin could rebound if the price remains above $81,250 or if it reaches the lower band of the uptrend channel formed since October 14, above $80,900.
BTC could see a strong technical rebound, which could be viewed as an opportunity to continue buying in the coming days, with targets at $82,700; ultimately, we expect it to reach $84,375.
If Bitcoin falls below $80,900 and consolidates below this zone, we could see a continuation of the downtrend, with the price potentially reaching $79,500 or the lower band of the downtrend channel formed since October 8, around $78,500.
Given that Bitcoin has reached a strong key support level, we could look for buying opportunities in the coming hours, with targets at $82,500, $83,110, and finally at the upper band of the uptrend channel around $84,375.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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