Bitcoin is trading around 109,607, rebounding after reaching a low of 108,659. If Bitcoin consolidates above 3/8 Murray in the coming hours, we could expect it to return to the $110,000 level, and could even reach 4/8 Murray at 112,500.
When Bitcoin unsuccessfully attempted to break the bearish trend channel resistance around $114,000, it initiated a strong bearish sequence, reaching the key support at 3/8 Murray.
If the Bitcoin price consolidates below $109,375, it could continue its bearish sequence and reach the 2/8 Murray level around $106,250.
The eagle indicator has reached oversold levels, so it's likely that the Bitcoin price will consolidate above $108,000 in the coming days.
We could expect BTC to consolidate above 3/8 of the Murray level, which could set the stage for a BTC recovery.
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