Bitcoin is trading around $81,638 within a secondary uptrend channel above $81,250—which has now become a solid support level—and below the 21- and 200-day moving averages, leading us to believe that Bitcoin could be consolidating around this area in the coming hours.
As the end of the week approaches, we believe that over the weekend, Bitcoin could consolidate above $81,250, which could be seen as an opportunity to continue buying. Additionally, we believe it could reach the 7/8 Murray level, around $84,375, in the coming days.
Bitcoin's outlook remains bullish in the short term for now, but a break above $84,500 and consolidation above this zone could change the picture, and a return toward $87,500 could be expected. Above this zone, it could reach the psychological level of $90,000.
Conversely, a drop below $81,250 and a decisive break below the secondary uptrend channel could trigger an accelerated downtrend for Bitcoin, which could reach the 5/8 Murray level—around $78,125—and even approach the 4/8 Murray level—around $75,000.
The Eagle indicator is showing a positive signal, so we'll look for buying opportunities in the coming hours, or we might even expect it to continue rising in the coming days.
