The Bitcoin price rises above $110,000, reaching a high of 110,600 following the US NFP report.

A renewed risk appetite is favoring the Bitcoin price. However, we could be facing the possibility of a strong technical correction, as Bitcoin is likely to fall below the psychological level of $110,000.

Bitcoin is expected to undergo a technical correction in the coming hours and could reach the 21SMA located at 107,897. BTC could even reach the bottom of the uptrend channel around 107,120 and could eventually reach strong support around the 6/8 Murray located at 106,250 and the low it reached in late June around $105,000.

On the other hand, if Bitcoin consolidates above the 7/8 Murray level, it is likely that in the coming days it will reach the strong resistance of the 8/8 Murray level located at $112,500. This level could be a strong resistance for Bitcoin and could also be seen as an opportunity to sell.

The eagle indicator is showing a negative signal, suggesting a possible technical correction in the coming days. Therefore, we should be alert for the price to trade below $110,000.