Bitcoin is trading around $112,308, rebounding after reaching the low of $111,532. This level has provided good support for Bitcoin. The chart shows a double bottom in progress, so we believe Bitcoin could recover in the coming days and reach the 38-SMA around 114,787.

If Bitcoin reaches the $115,000 level and fails to consolidate above this area, it will be seen as an opportunity to resume short positions, with a target at $112,500. BTC could even reach the psychological level of $110,000.

If the Bitcoin price manages to consolidate above the 4/8 Murray level, it will be seen as an opportunity to buy in the coming hours, with a target at $114,700.

On the other hand, the bearish momentum could accelerate below 111,500, and BTC could reach 106,250 in the short term.

On the daily chart, we can see the formation of a head and shoulders pattern, suggesting medium-term bearish potential that could push the price down to $100,000.

The key to a downside scenario is that if the price consolidates below 109,375, a strong technical correction could occur in Bitcoin. Meanwhile, we should pay attention to the 4/8 Murray. Above this area, a good option would be long positions.