Bitcoin reached $89,150 after a sharp technical correction following the break of the important support level of $93,750. Bitcoin is recovering some of its losses and is now trading around $91,344. It is likely to continue rising in the coming hours until the price reaches the top of the downtrend channel around $95,600.
If Bitcoin makes a new technical correction, we could expect it to reach support at $89,000 or even reach -2/8 Murray around $87,500.
The outlook remains negative for Bitcoin. Therefore, after a slight recovery, BTC is likely to resume its bearish cycle and could reach $87,500 or even $80,000 in the medium term.
On the contrary, a sharp break above $96,000 could enable a rebound to $100,000.
