Bitcoin, after hitting a low that coincided with the lower band of the downtrend channel, around $73,333, is now recovering and showing positive signs. We believe that if the price consolidates above the 4/8 level, around $75,000, this could be interpreted as a clear buy signal, with the expectation that it will reach the psychological level of $80,000 in the coming days.
This strong downward pressure on Bitcoin has pushed the price to a new low not seen in several months, and technically, BTC is in a clear zone of indecision, as the price remains above the Murray 4/8 line.
The outlook could remain bullish in the short term, with the potential to reach $87,250. However, if it falls below the Murray 4/8 line, the outlook could turn bearish, with the potential to reach the psychological level of $70,000.
Given that Bitcoin has upside potential, our strategy could be to buy above $75,000. We expect the price to decisively break above the 21-period simple moving average (SMA). If so, the uptrend could be confirmed, potentially reaching the 200-period exponential moving average (EMA) around $79,325 and, ultimately, reaching $79,850, near the psychological level of $80,000.
On the other hand, if a pullback occurs in the coming hours toward $73,500 and the price rebounds above this level, it could be seen as an opportunity to open long positions, with a target at $80,000.
The Eagle indicator is showing a positive signal, which supports our bullish strategy, but we must always monitor whether the price consolidates above the 4/8 Murray line.
