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Bitcoin is trading around $83,500, rebounding after finding strong support near the 6/8 Murray level, which coincided with $81,000. Since then, Bitcoin has been recouping some of its losses but may struggle to continue rising. The $84,375 area, where the 7/8 Murray level is located, represents strong resistance.
If Bitcoin continues to rise in the coming hours, it could reach the upper band of the downtrend channel around $85,300. Should Bitcoin encounter strong resistance at this level, it could be seen as an opportunity to take short positions.
On the other hand, if Bitcoin falls below the 200 EMA, located around $82,000, and settles below this zone, there could be strong downward pressure, and we could expect it to reach the 5/8 Murray level around $78,125. Ultimately, it could reach the 4/8 Murray level around $75,000.
Given that the Eagle indicator has reached technically oversold levels, Bitcoin may reach the support at the 200 EMA or the 6/8 Murray level—or even reach the lower band of the downtrend channel—this could be considered an opportunity to continue buying.
A break above $85,500 could change Bitcoin's outlook, and we could expect it to reach $87,500, around the 8/8 Murray level.
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