Bitcoin is currently trading around $110,503, rebounding after reaching the 3/8 Murray level around $109,350.

This low has become a strong support level for Bitcoin, and it is expected to continue rising in the coming days, reaching the 4/8 Murray level around $112,500 and the 200 EMA, which represents strong resistance.

If Bitcoin decisively breaks above the 4/8 Murray level, we could expect it to reach the top of the ascending channel around $114,500 and even potentially the 5/8 Murray level around $115,625.

Conversely, a drop below the 3/8 Murray level and consolidation below $109,000 could push Bitcoin to reach the 2/8 Murray support level around $106,250.

Our outlook for BTC will remain bullish in the coming days as long as the Bitcoin price trades within the upward trend channel, so any technical bounce will be seen as an opportunity to open long positions.