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Bitcoin is trading around $89,797 within the uptrend channel formed since November 24, rebounding after reaching the bottom of the uptrend channel at the 2/8 Murray line located at $87,500.
Bitcoin could continue its rise in the coming days until it reaches the top of the uptrend channel around $98,700.
The key would be to wait for the Bitcoin price to consolidate above $90,000 and above the 21 SMA located at 90,467.
If this scenario occurs, we could look for opportunities to open long positions, with targets at $93,750 and finally at $98,000.
On the contrary, if Bitcoin breaks sharply and consolidates below the uptrend channel and below $87,000, we could expect the price to reach the November 21 low around $80,000.
Our outlook for Bitcoin will be bullish for the coming days if the price consolidates above $90,000. Conversely, below this zone, we will look for opportunities to continue selling with targets at $87,500 and $81,250 around the 1/8 of Murray.
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