Bitcoin is trading around $80,263, having rebounded after consolidating above $79,500, where a small uptrend channel is visible, keeping hopes alive that Bitcoin will continue to rise in the coming days.
Given that Bitcoin has been testing this uptrend channel formed since October 23 and is now consolidating above $80,000, we could continue buying Bitcoin in the coming hours, with the expectation that it will reach the 200-day moving average, around $81,570; ultimately, we could continue buying with targets at $84,375, around the 7/8 Murray level.
A break below the uptrend channel could enable a further downtrend toward the 5/8 Murray level at $78,125, and the intrument could eventually reach the 4/8 Murray level at the psychological $75,000 mark.
Since Bitcoin is in a zone of strength and in a consolidation phase, we technically expect a recovery in the coming days; a trend reversal would only occur if the price fell below $79,000.
Bitcoin could present a good opportunity to continue buying if it consolidates above $81,500; above this level, we could expect it to reach $84,375 and might even hit $87,000.
