Bitcoin is trading around 117,547, below the 6/8 Murray level, below the 21 SMA, and within a downtrend channel formed on July 12.
Bitcoin has attempted to consolidate above $118,750 on several occasions, but has been unsuccessful. Since then, we have seen a strong technical correction, and it is likely to continue its decline until reaching the 4/8 Murray level around $112,500.
If Bitcoin breaks the downtrend channel in the next few days and consolidates above $119,000, we could expect it to reach the 7/8 Murray level around $ 121,875 and potentially even surpass its all-time high of around $123,000.
As long as the Bitcoin price trades below $119,000, bearish pressure will persist, and it is likely that it could reach the psychological level of $100,000 in the coming days.
Key resistance levels for Bitcoin are $118,200, $118,750, a strong resistance, and finally $120,000.
The next supports are $116,200, $115,625, a very strong support, and the bottom of the downtrend channel around $113,200.
