Bitcoin is trading around $78,391, rebounding after hitting the Murray 3/8 low, a level that coincided with the bottom of the downtrend channel formed in early January.
BTC/USD hit a low of $75,000 during Monday's US session, and since then we have seen a technical rebound.
A further technical rebound is expected in the coming days, and we could expect BTC to reach the 5/8 Murray level at $81,000. However, for this to happen, Bitcoin needs to consolidate above the 21 SMA located around $79,452.
A recovery of Bitcoin above $81,000 could favor an upward move, and we could expect it to reach the upper band of the downtrend channel, around $86,000.
BTC could even find strong resistance around the 6/8 Murray level and the 200 EMA, as both levels coincide in this area.
If bearish pressure prevails, we could expect Bitcoin to continue its downward movement and potentially see a strong break below the 4/8 Murray level, around $75,000. This could trigger a sharp downward acceleration towards $70,000.
Our strategy remains bullish on Bitcoin, as long as the price consolidates above $75,000. Therefore, any pullback or technical rebound above this zone will be considered an opportunity to enter long positions, with targets at $81,000 and $86,000.
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