After reaching $89,217, Bitcoin is retreating and now trading around $86,900 with a negative bias. If it falls below $85,000, it is likely to continue its bearish cycle and could reach 0/8 Murray around $75,000.
If Bitcoin breaks above the downtrend channel and consolidates above $87,000, there is likely to be an upward movement, and it could reach the psychological level of $100,000 in the short term.
We must keep an eye on this key level around $87,500. Downward pressure on the price will persist below this zone, and we could expect it to reach $81,250 and $75,000.
The outlook could be positive for Bitcoin if it settles $88,000. In this case, the price could reach $93,700 and the 200 EMA around $98,907.
The Eagle indicator is showing a negative signal, so we must be cautious when opening long positions, as a new bearish cycle could be underway.
