Bitcoin is trading around 109,369, bouncing back after reaching the key level of 107,500, which represents strong support for Bitcoin. If it consolidates above 108,700 (21SMA) in the coming hours, it could likely continue to rise and reach the all-time high of 111,840 again.

Technically, we believe Bitcoin is overbought and is likely to continue falling in the coming days until it reaches the psychological level of $100,000.

Our trading plan is to sell BTC below 108,700, or if it returns to $111,500, it will be seen as an opportunity to sell.

In the short term, we believe Bitcoin could reach $93,700, where 7/8 Murray is located. This level represents strong support, as it consolidated around this area in early May.

The eagle indicator is approaching overbought levels, so we should be careful if we are buying Bitcoin, as a sharp correction could occur unexpectedly.