What is the worst that could happen to Bitcoin right now?
Bitcoin is currently in a descending trending channel that has an upper resistance line and a lower support line.
Recently, the price retreated from the top but recaptured the bottom as support.
This is important because it suggests that the previous downward trend may be reversing.
Historically, this lower support area has been a good buying opportunity.
If Bitcoin can hold this support and revisit the $64,000-65,000 range, it could signal a potential rally.
The previous resistance at the top of the channel has become smaller over time, which suggests that resistance is weakening.
Additionally, Bitcoin is in a re-accumulation phase that it has been in since mid-March.
When the price breaks below the established low, buyers keep stepping in, pushing the price higher. This indicates strong demand.
Historically, this phase tends to precede a breakout, usually occurring between 154 and 161 days after the halving event.
Since this re-accumulation phase, while extended, is still ahead of schedule, it suggests that a breakout could be imminent.
Historically, whenever Bitcoin experiences a downside bias (price breaks below a certain level), it tends to bring subsequent upside opportunities.
A breakout of the re-accumulation range low, which previously served as both resistance and support, could signal a potential rally.
Support and Resistance:
The re-accumulation range is crucial. If Bitcoin can successfully retest this level and hold it as support, it could lead to an uptrend within the descending channel.
Recapturing the $64,000-65,000 range is crucial to push for higher targets, such as below $70,000.
If Bitcoin falls below the $58,000 level, it could signal trouble and could lead to further declines.
$53,000, a level seen as the lower limit of the current price structure.
A break below this level could indicate a more bearish trend.
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