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Bitcoin recovered the $85,000 zone over the weekend, consolidating above the 200 EMA. A strong technical rebound to the $94,000 level invited the bulls.
This unusual technical bounce has created great opportunities to sell since Bitcoin had a price jump from 85K - 93K, creating a GAP. It is likely that Bitcoin could return to the levels of 85,900 in a few days and could even reach 5/8 of Murray around 81,250.
On the other hand, we can see that Bitcoin made a strong technical correction on the daily chart after spiking to $99,000 and then plunged to the support level of $78,212. If BTC tries to break 95,950 in the next few days, we could expect a new technical correction to occur.
Otherwise, if Bitcoin consolidates above $96,000, the outlook could be positive, and we could expect it to reach the psychological level of $100,000 and could even return to +1/8 of Murray located at 106,250.
Technically, we see that Bitcoin is under strong bearish pressure, so we will look for opportunities to sell whenever the price consolidates below $96,000 with targets at 85,900 and finally around 81,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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