Early in the American session, BTC is trading around $96,517 below the 21 SMA with a bearish bias and showing exhaustion levels.
For the past two weeks, Bitcoin has been consolidating above 2/8 Murray around $94,000 and below 4/8 Murray around $100,000.
Amidst this consolidation, investors have been expressing strong indecision. The crypto is preparing for a strong technical correction. In case it breaks the psychological level of $100,000, the door will be open for a new bullish rally.
Given that the Bitcoin price is below $97,000, we expect it to continue its bearish bias in the coming days. If BTC settles below this level, it could reach 2/8 of Murray at 93,750 and could even fall to the bottom of the downtrend channel located around 92,080.
A consolidation above 97,500 could favor the recovery of Bitcoin. We could expect it to reach the 200 EMA located around 98,591. It could finally test the psychological level of $100,000 and even reach 5/8 Murray at 103,125.
