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Bitcoin is trading around $89,034 below the 21 SMA, going through a strong technical correction after breaking the uptrend channel formed since November 19.
Bitcoin could find good support around $87,500, which is where Murray's 2/8 level is located, which could serve as a good point to open long positions if the price resumes its upward cycle.
If the bearish force prevails, Bitcoin has another key support around $86,000 - $85,000. In other words, if a technical rebound occurs around this area, we could open long positions.
Since last week, Bitcoin has entered an overbought zone. So, we warned you about a probable correction below $93,000 towards $85,000. Bitcoin will likely complete its fall from that key support level in the coming hours. Then, we could expect a technical rebound.
Our outlook remains bearish for Bitcoin as long as the price trades below the 21 SMA or below the uptrend channel around $91,400.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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