FX.co ★ Trading Signals for BITCOIN for February 3-5, 2025: buy above $93,750 (21 SMA - 7/8 Murray)

Early in the American session, Bitcoin is trading around 95,000 above 7/8 Murray and within the downtrend channel forming since January 14. Bitcoin made a sharp drop breaking below the psychological level of $100,000 and reaching the $90,000 area over the weekend.

We are currently seeing a technical bounce in Bitcoin. Its price is likely to continue recovering in the coming days and could reach 8/8 Murray located at $100,000.

On the other hand, in case there is a technical correction, we could expect a technical rebound around 90,300, a level which could be seen as an opportunity to buy.

Technically, Bitcoin is in a bearish phase. However, we could expect the opportunity to buy in the next few hours above $91,000.

The eagle indicator is reaching oversold levels. So, we believe that we could look for opportunities to buy above $90,000 in the next few days.