Bitcoin is trading around $105,942, encountering strong resistance around the 2/8 Murray level. Should the bullish momentum prevail, we could expect Bitcoin to reach $109,091 around the 200 EMA and potentially even reach the 3/8 Murray level around $109,375.
Should Bitcoin pull back towards the 21 SMA located around the 1/8 Murray level in the coming hours, this is seen as an opportunity to resume long positions. Hence, we could buy with a target of the psychological level of $110,000.
The 2/8 Murray level at $106,250 represents strong resistance, so we believe Bitcoin may struggle to continue rising, and we could expect a technical correction in the coming hours towards the key support level of $103,100.
The $103,000 level could serve as an opportunity to resume long positions. We should be on the lookout for buying opportunities with targets at $106,250 and $109,300.
A sharp break below $103,000 could signal a continuation of the bearish cycle, and we could expect the price to fall to $96,875 in the short term.
