Bitcoin is trading around $89,933, rebounding after reaching the 2/8 Murray ($87,500) and the bottom of the downtrend channel formed since January 12.

Bitcoin is struggling to continue rising as it is facing strong resistance from the 200 EMA around $91,649 and the top of the downtrend channel located at $92,500.

If Bitcoin continues to rise in the coming hours, we could open positions to buy with targets at $91,649 and finally $92,500.

On the contrary, if Bitcoin decisively breaks the downtrend channel and consolidates above $93,000, the outlook could be positive.

If BTC/USD continues to rise, it will have to challenge the strong 3/8 Murray resistance located at $93,750. Once this level is broken, we could expect Bitcoin to continue rising and reach January's high of around $98,000 and finally reach the psychological level of $100,000.

If Bitcoin encounters a strong barrier around the top of the downtrend channel, it suggests an opportunity to open short positions with targets at $87,500 and finally at the 1/8 Murray around $81,000.

The Eagle indicator is showing positive signals, so any pullback in Bitcoin will be seen as a signal to buy.