Early in the American session, Bitcoin is trading around 102,746, below the 21 SMA, and below the +1/8 Murray, showing signs of exhaustion.
Bitcoin is trading within a downtrend channel. This recovery could be seen in recent hours could face strong resistance around 103,213 or around the top of the downtrend channel at 103,600.
If Bitcoin fails to break above 103,700, a further technical correction is expected. So, the price could reach the psychological level of $100,000 and even reach the bottom of the downtrend channel around 97,800.
The outlook for Bitcoin remains bearish, with a short-term decline expected to reach 93,375, where the 200 EMA is located. Below this area, a decline could occur toward $90,000 or even $80,000.
The eagle indicator is showing a negative signal, suggesting that any technical rebound or resistance level reached will be viewed as an opportunity to sell.
