Bitcoin is trading around 97,856 above the 21 SMA and above 3/8 of Murray, showing a slight recovery after having reached the $94,000 area.
Bitcoin serves as a refuge from market fears. This feature could push the leading cryptocurrency to reach the psychological level of $100,000. Above this area, BTC could reach 106,250 again where 6/8 Murray is located.
On the contrary, if Bitcoin continues its technical correction and consolidates below 93,750, which represents strong support, we could expect it to reach 1/8 Murray located at 90,625 and even $85,000.
Given that we are observing an uptrend, we will look for opportunities to buy Bitcoin above $96,000 with a target at $106,000. On the other hand, if there is a strong rejection around the psychological level of $100,000, it will be seen as an opportunity to sell.
