Bitcoin is trading around $93,750, showing signs of exhaustion after approaching $95,000. Bitcoin could return to the psychological level of $90,000, and this area could serve as a good point to resume its bullish cycle.
Bitcoin has been consolidating over the last few weeks above $87,500, a very strong support level, which suggests that it could reach the psychological level of $100,000 in the coming days.
If the bullish outlook prevails and Bitcoin consolidates above the 3/8 Murray located at $93,750, it could continue to rise until it reaches the top of the uptrend channel around $98,960 and eventually reach the 4/8 Murray, which is roughly $100,000.
The Eagle indicator is showing a negative signal, indicating that Bitcoin may struggle to continue rising in the coming hours. The instrument could potentially reach the 2/8 Murray support level around $87,500 or even the bottom of the uptrend channel formed since November 22, around $88,500.
Following a technical correction expected in the coming hours, if Bitcoin consolidates around $90,000 or around the bottom of the uptrend channel, it will be seen as an opportunity to open long positions with short-term targets around $100,000.
