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Early in the American session, Bitcoin is trading around 92,772, reaching the support of the bearish trend channel forming since December 15 and with a strong technical correction of more than 20% in the last five days.
Bitcoin could recover part of the losses in the next few hours if it consolidates above $92,000. If this scenario happens, we could buy with targets at the 200 EMA located at 96,237. BTC could even reach the top of the bearish trend channel around $97,000.
If Bitcoin reaches the resistance that coincides with the 200 EMA or the top of the bearish trend channel around 96,500, it will be seen as an opportunity to sell with targets at 6/8 Murray around 87,500.
Bitcoin still has more ground to continue losing value. So, we believe that it could reach the price level of $80,000 to $70,000 by next month, a relatively stable price level as this strong volatility has attracted many institutional investors but is also generating heavy losses for retail investors.
Our outlook will remain bearish for Bitcoin below the psychological level of $100,000. As long as BTC trades below this area, any technical bounce will be seen as an opportunity to sell.
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