Bitcoin is trading near the $80,448 level within the downtrend channel that has been forming since October 16 and is showing signs of exhaustion after attempting to break out of this channel and after attempting to surpass the Murray 6/8 level.

If Bitcoin consolidates above $81,250 in the coming hours, the outlook could be positive, and we could continue buying with targets at the Murray 7/8 level, around $84,375.

Conversely, if Bitcoin falls below the 200-period exponential moving average (EMA) and below the downtrend channel, we could sell with targets at the 21-period simple moving average (SMA), around $78,073, or around the Murray 3/8 line.

Technically, we believe Bitcoin may struggle to break above $81,250; therefore, as long as the price consolidates below this zone, it will be considered a bearish signal for the coming days.

If downward pressure persists and Bitcoin falls below $78,000, we could continue selling, expecting it to reach the Murray 4/8 level, around $75,000.

The Eagle indicator is reaching overbought levels, so Bitcoin is likely to experience a technical correction in the coming days; therefore, we will be monitoring resistance levels to open short positions.