Bitcoin is trading around 123,616, bouncing within the bullish trend channel formed on September 26. Bitcoin could continue rising in the coming hours, reaching 8/8 Murray around $125,000 and could even surpass its high and reach +1/8 Murray around 128,125.
Conversely, if Bitcoin falls below the 21SMA at 122,243, we could expect a trend reversal, and it could reach 6/8 Murray at 118,750.
The eagle indicator on the H4 chart has reached the overbought zone. We believe that Bitcoin below the psychological level of $125,000 could undergo a strong technical correction in the coming days and reach 5/8 Murray around 115,316.
Our outlook for Bitcoin is positive, so we will look for buying opportunities above 122,240 in the coming hours. Any pullback and any price above this level will be seen as a signal to continue buying.
