Bitcoin is testing an important support level around 93,750. It has rebounded from this zone three times. So, the price is expected to recover some of its losses above 93,750 and reach the 21 SMA around 95,800.
Bitcoin is trading within a downtrend channel formed since November 9, and it is likely to reach 96,800 in the coming days. This level could offer bears an opportunity to sell with targets around -2/8 Murray located at $87,500.
The medium-term outlook for Bitcoin remains bearish, and it is expected to reach $87,000 and could even reach $80,000, which could be seen as an opportunity to sell as long as the price consolidates below the psychological level of $100,000.
We could look for opportunities to buy Bitcoin in the coming hours as long as the price is above -1/8 Murray around 93,750 with targets at 94,500, 95,600, and finally at 96,800 around the top of the downtrend channel.
