Bitcoin is now below the 21SMA and is likely to continue falling in the coming hours, reaching the 5/8 Murray level at 109,375 and possibly even returning to the 2/8 Murray level at 106,250.
Bitcoin has formed a double bottom around 107,300, and from that level, it has had the opportunity to gain bullish momentum, reaching the 112,500 level, with a gain of $5,000.
However, a technical correction is now expected, and if the price consolidates above 109,375, the bullish cycle could resume. A sharp break above the 200 EMA and above the 4/8 Murray could lead to a Bitcoin recovery.
In the short term, we could expect it to reach the 5/8 Murray at 116.625 and even the 6/8 Murray at 118,750, and ultimately the psychological level of $120,000.
If Bitcoin falls toward the support level of 106,250, this level coincides with the bottom of the downtrend channel, which could be seen as a buying opportunity.
The eagle indicator has reached overbought levels, so BTC is likely to continue falling in the coming days.
