Bitcoin is trading around $80,610, above the 21-day simple moving average (SMA) and within the downtrend channel that has formed since September 27. Bitcoin is trading below the Murray 6/8 line and under downward pressure, but there is still hope for a recovery in the coming days.
Since October 8, Bitcoin has been consolidating around the psychological level of $80,000. So, we believe that if the price falls below $78,125, Bitcoin's outlook could change, and a sharp decline could be expected in the coming days.
Conversely, if the BTC price remains above the 21-day simple moving average (SMA) at $80,329, reaches the Murray 6/8 level, breaks above this zone, and consolidates above the 200 EMA at $81,639, we could expect a recovery, and the price could reach the target around the upper band of the downtrend channel, at $83,250.
A decisive breakout above the downtrend channel and consolidation above the Murray 7/8 level could change the outlook for Bitcoin, and we could expect it to approach the Murray 8/8 level at $87,500 and ultimately reach the psychological level of $90,000.
Our outlook for Bitcoin is likely to remain bullish in the coming days, so we will look to buy if the price stays above the psychological level of $80,000 and above the broken symmetrical triangle pattern.