Bitcoin is currently trading around the 4/8 Murray level at 112,500. This level is offering strong support for Bitcoin, and it's likely that it could recover some of its losses if it consolidates above the 21SMA at 113,720.
Conversely, if the Bitcoin price consolidates below 113,800, any technical bounce will be seen as a sell signal.
If the price falls below this resistance, it could reach the bottom of the ascending trend channel around $111,000.
If the bearish pressure persists from current price levels, we could expect a continuation of the BTC decline, potentially reaching $110,800. Around this level, we could expect a strong technical bounce. Hence, we should pay attention to this area to consider entering long positions.
Only if the price of Bitcoin falls below 110,500, the outlook could turn negative, and we might expect it to reach 2/8 Murray around $106,250.
