Bitcoin is trading around $85,797, below the 2/8 Murray and with a bearish bias after reaching resistance levels around $90,000.

If Bitcoin trades within the secondary uptrend channel and rebounds around $85,000, we could expect a recovery, and it could reach the top of the downtrend channel formed at about $90,200 on the daily chart since September 25.

A decisive break of the main bullish trend channel in consolidation above $90,500 could be seen as a clear signal to buy Bitcoin with a target at the 4/8 Murray, around the psychological level of $100,000, and it could even reach the 200 EMA around $102,811.

Conversely, a sharp break below $85,500 could accelerate the bearish cycle, and BTC could reach $81,250 in the medium term, around the 0/8 Murray.

If bearish pressure prevails, BTC could fall to about $75,000 and could eventually reach the -1/8 Murray around $68,750.

Technically, according to the daily chart, Bitcoin is reaching oversold levels, but there is still bearish strength, so we must be careful when opening long positions.

Our outlook remains bearish, but we should wait for a clear signal if the price falls below $85,000. Above $85,500, we could open long positions and continue buying.