Bitcoin is trading around 103,125, near the 1/8 Murray level and below the 21 SMA, within the ascending trend channel formed on November 3.
In the coming hours, we could continue buying Bitcoin as it could reach the 2/8 Murray level around 106,250 and even the 200 EMA. This area coincides with the top of the uptrend channel, around $108,500.
In case of a pullback, we can expect the instrument to attempt to test the bottom of the ascending trend channel around 101,375. This area could be seen as an opportunity to open long positions, with short-term targets around the psychological level of $110,000.
Conversely, a sharp break below the 0/8 Murray level and consolidation below $101,000 could make Bitcoin resume its bearish cycle.
We could expect BTC to reach the psychological level of $100,000, and it could even continue falling to $96,500. The outlook remains positive for Bitcoin, as the Eagle indicator is showing a bullish bias.
Therefore, any pullback in price, as long as it consolidates above $101,000, will be seen as an opportunity to continue buying in the coming days.
