Bitcoin is trading around $117,522, bouncing back after reaching a low of $116,070. Yesterday, during the European session, Bitcoin reached a high of $119,500 but failed to consolidate above the psychological level of $120,000, and is now showing signs of exhaustion of its bullish strength.
Bitcoin could be preparing for a new bullish push if it consolidates above the 6/8 Murray line at $118,750 in the coming days.
A consolidation of Bitcoin above this area could offer a buying opportunity for bulls with a target at the 7/8 Murray line at $121,875. It could even surpass its high and reach the psychological level of $125,000.
On the other hand, if Bitcoin fails to break above $119,000, we could expect a technical correction with targets toward the Murray 4/8 at 112,500, or even strong support, as the 200 EMA is located around 112,526.
The Eagle indicator is displaying oversold signals, suggesting that Bitcoin may continue to rebound and rise in the coming days, potentially reaching its all-time high again.
