Bitcoin is trading around $118,000, correcting after reaching the psychological level of $120,000, the area proven to be a strong barrier. BTC is likely to resume its bullish cycle in the coming hours, as it remains above the 21 SMA, which favours bullish momentum.
If Bitcoin continues to rise, we can expect it to reach the 7/8 Murray level at $121,875 and eventually reach the 8/8 Murray level around $125,000.
Conversely, if Bitcoin falls below $118,000, it could continue its technical correction and could reach the 5/8 Murray level around $115,625 and even reach the 200 EMA around $112,500.
The outlook remains positive for Bitcoin as it reached the oversold zone on June 22. Any pullback is likely to be viewed as a buying opportunity with medium-term targets around $125,000.
