Bitcoin is trading around $83,135 within the downtrend channel formed since January 12, below the 200 EMA and above Murray's 6/8, showing consolidation.
Bitcoin is expected to continue rising in the coming hours and consolidate above $87,500, then it could challenge the upper band of the downtrend channel around $89,700.
If Bitcoin breaks and consolidates above the psychological level of $90,000 and above the 200 EMA, we could expect a continuation of Bitcoin's upward movement. With a break above this area, BTC could reach the 7/8 Murray at $93,750 and could even reach the psychological level of $100,000 around the 8/8 Murray.
Given that the Eagle indicator is showing a positive signal, we can expect a technical correction in Bitcoin in the coming hours, followed by a resumption of long positions.
A drop below $87,500, which has now become strong support, could take it towards the low of $81,000.
