Early in the American session, Bitcoin was trading around $94,839, below the 21 SMA, and below the 200 EMA with a bearish bias which we believe could resume in the next few days.
If Bitcoin falls below 7/8 Murray located at $93,750, we could expect it to continue losing value and could reach the bottom of the downtrend channel around 6/8 Murray located at $87,500.
On the other hand, in case Bitcoin finds an opportunity to consolidate above $96,200, it is likely to reach the psychological level of $100,000 again. This area could be seen as a point to sell since it is technically located within a downtrend channel.
Beyond $102,500, Bitcoin could regain its bullish bias and we could expect it to reach +1/8 Murray at $106,250 and eventually reach +2/8 Murray at $112,500.
The short-term outlook remains negative for Bitcoin as we believe Bitcoin could reach $80,000 and even reach $75,000 that in the coming days.
