Bitcoin is trading around $82,500, rebounding after reaching the 200 EMA zone and hitting a low very close to $81,750. Since then, we've seen a technical rebound, and Bitcoin could continue to rise since it has reached key support levels.
Following the sharp drop below $87,000, Bitcoin reached the $81,700 zone. Technically, we could expect a recovery in the coming days, and it could reach the 7/8 Murray level around $84,375.
If bullish momentum prevails and Bitcoin consolidates above the 200 EMA and above the 6/8 Murray level, any technical rebound toward this zone will present an opportunity to continue buying, with targets at the 21 SMA at $84,595; BTC could even reach the upper band of the downtrend channel around $86,000.
Conversely, if Bitcoin breaks below the 200 EMA and below the 6/8 Murray level, the outlook could be very negative for Bitcoin, and we could expect it to reach the psychological level of $80,000 in the coming days and potentially even reach the 5/8 Murray level around $77,500.
Given that Bitcoin has reached key support levels, any pullback in the coming hours—as long as the price remains above $81,250—will be viewed as a signal to continue buying. The Eagle indicator is showing a positive signal, which supports our bullish strategy.