Bitcoin is still moving within the descending price channel shown on the chart. The price is approaching the lower boundary of the channel, which may indicate a potential support event at this area. If the movement within the channel continues, we may see the price return to the upper boundary.
On the other hand, a clear upward breakout above the channel, confirmed by strong volume, could signal a change in the trend toward the upside. The RSI indicator indicates a relative recovery, but it has not yet reached overbought areas, meaning there is room to move before confirming the breakout or returning to the downside.$BTC