Bitcoin is trading around $109,900, rebounding after reaching support at $106,000 around the 2/8 Murray level.
If Bitcoin recovers some of its losses, we could expect it to continue rising in the coming hours to reach the 4/8 Murray level around $112,500, and potentially even reach the October 25th high around $116,000.
If the Bitcoin price falls back below the 200 EMA around $108,500, we could expect a further downward movement. So, we could expect it to reach the 0/8 Murray level around the psychological level of $100,000 in the short term.
Bitcoin is currently oscillating within a descending trend channel formed since the beginning of October. A further decline is likely if the price consolidates below the 2/8 Murray level.
If the outlook is bullish, we could expect a return to the 115,625 level around the 5/8 Murray level. The instrument could even reach the psychological level of $120,000.
