Bitcoin shows a descending channel on the 4-hour chart, with a price of $83,683.
Descending channels usually indicate a bearish trend, and the price may fluctuate within the channel:
- If the price tests the upward trend line (estimated around $85,000 to $86,000, based on the height of the channel), it may attempt to break out, but volume support should be monitored.
- If it breaks below the downward trend line (around $83,000), it may accelerate downwards, with targets potentially pointing to $73,777.90 or lower.
- The current rebound may be a short-term correction, and it is necessary to watch for the formation of a bullish divergence or other technical signals.
