Bitcoin is trading around 114,380, bouncing after reaching the key support at 112,500. Bitcoin could continue its climb in the coming days and advance to 5/8 Murray at 115,625, potentially reaching 6/8 Murray at 118,750.
On the other hand, if the Bitcoin price falls below the 4/8 Murray pivot point, we could see a strong technical correction during which the price could reach the psychological level of $110,000 and potentially fall to the 3/8 Murray level around $109,375.
The H4 chart shows a positive bias for Bitcoin, so the key will be to monitor whether the price remains above 112,500.
Therefore, any pullback will be seen as an opportunity to open long positions. The eagle indicator is showing a positive signal, so we believe Bitcoin could continue its rise in the coming days, reaching $118,750 around the 6/8 Murray resistance.
