MARKET UPDATE: $BTC H1 TF

Bitcoin is currently trading within an ascending channel on the 1-hour chart, with a recent rejection near the channel’s upper boundary around $106,000. After a market structure break (MSB) near $103,400, the price pushed upward but is now retracing, indicating short-term bearish pressure within the overall bullish structure.

A key demand zone (order block) is identified at $102,900 above the channel’s lower boundary. This zone is likely to act as a strong support. If price retraces into this area and holds, it may offer a high-probability long setup targeting a move back toward the channel top.