Bitcoin is trading around $95,981, below the 21 SMA, and within the downtrend channel forming since January 29. Yesterday during the American session, Bitcoin hit a low of $94,075. Since then, we have seen a rebound towards $98,300. As this area represents a strong resistance, Bitcoin could not hold around these price levels and now we are seeing a technical correction.
Technically, BTC should consolidate above 96,800. If this scenario occurs, the price could reach the 200 EMA located at 98,995 and eventually reach the psychological level of $100,000.
On the other hand, as long as the price remains below $98,900, any technical bounce will be seen as an opportunity to sell. BTC is expected to reach the psychological level of $90,000 in the short term which coincides with 1/8 Murray and the bottom of the downtrend channel.
If the crypto breaks the psychological level of $100,000, we could expect it to spike to 6/8 of Murray located at 106,250 or it could eventually surpass its all-time high.
