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Bitcoin price hit a low last seen since early February around $90,929. After this drop, we see a technical rebound. It will likely reach the 2/8 Murray area located at 93,750 in the next few hours and it could even reach 3/8 Murray around 96,875.
On the H4 chart, we can see that Bitcoin has reached the bottom of the bearish trend channel forming since the end of January. If the BTC price consolidates above $91,000, we could expect that it will reach the $97,000 zone around 200 EMA in the next few days.
On the contrary, if the Bitcoin price falls below the low of February 25 or below 1/8 of Murray, the outlook could be negative and we would be entering a bearish phase. Thus, the crypto could reach $87,500 in the short term.
We could buy BTC/USD above $91,000 in the next few hours with targets at 93,750 and 96,875. A stop loss could be located below $90,500 since below this area, Bitcoin could accelerate its bearish movement.
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