Bitcoin, after an impressive bullish move from the $110,000 level, reaching its high around $123,000 in just a few days, has been undergoing a strong technical correction.

According to the H4 chart, Bitcoin could continue its rise in the coming days, so any pullback will be seen as a buying opportunity. Targets are at the 7/8 Murray level, located at 121.875, and it is even expected to reach $125,000 around the 8/8 Murray level.

If Bitcoin breaks below $117,000, the bullish outlook is likely ending. If the Bitcoin price consolidates below this area, we could be entering a bearish phase, so we will look for selling opportunities below $117,000.

If the Bitcoin price falls below the 5/8 Murray level at $115.625, the July 14 low, we could expect it to reach the 200 EMA, located around the psychological level of $110,000.

Our trading plan for the next few hours is to buy Bitcoin above 117,000 or above 118,750, targeting 121,875.