Bitcoin is trading around 110,726, undergoing a technical correction after reaching 110,726, a level seen at the end of May.
Bitcoin has formed a double top pattern, so we believe that if it consolidates below 110,700, we could expect a technical correction towards 107,586 and could even reach 104,146 (200 EMA).
On the other hand, if there is a break above 110,700, it could reach the key +2/8 Murray level located at 112,500.
This level is key and could be seen as a selling opportunity. Technically, Bitcoin is showing signs of exhaustion, and we believe a technical correction could occur in the coming days.
Therefore, we should look to sell at current price levels with targets at the psychological level of $100,000.
