Bitcoin / TetherUS
Descending Channel Dominates Price Action 🔻
Bitcoin (BTC/USDT) continues to trade within a well-defined descending channel on the daily timeframe.
Price was recently rejected from the upper trendline, hinting at renewed bearish momentum.
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Key Technical Highlights 🧠
Price respecting channel structure — both upper and lower trendlines are being tested precisely
Rejected near $88K–$90K, aligning with the channel top
Trading below 50EMA & 200EMA — bearish bias reinforced
Bearish momentum crossover on oscillators adds pressure
Key Support: $68K–$70K zone
Secondary Support: $54K–$56K (long-term zone to watch)
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Scenario Breakdown ⚙️
Bearish Case (Higher Probability) ❗
If BTC continues to stay under the upper trendline, we may see:
Continuation towards $68K–$70K
A breakdown below $78K–$80K mid-channel would increase downside momentum
EMAs acting as dynamic resistance—adding to the confluence
This is a high-probability short opportunity for trend-followers.
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Bullish Invalidation (Breakout Needed) 🚀
For bulls to regain control:
BTC must break and close above $90K with volume
This would invalidate the bearish channel and open a path to $100K
Alternatively, a bullish reversal near $68K support could offer a short-term bounce, but it's counter-trend
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What to Watch 🔎
Channel structure = clear roadmap
Candle confirmations at edges = trade signals
News events = potential volatility triggers
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Risk Management Reminder ⚠️
Use stop-losses
Respect the trend
Always wait for confirmation before entering any trade
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Final Thoughts for the Binance Square Family 🧭
BTC is still in a downtrending structure. Until we see a strong breakout above $90K, caution is advised.
This is a technical trader’s market right now—stay sharp, follow the channel, and let the charts speak.