Bitcoin price is trapped in a descending channel pattern, making lower highs and lower lows. Although some see this as a bearish reversal and downtrend, the momentum is not so bearish. 📉

The $60K support zone has held the price in place on several occasions, and the market appears to be targeting the upper limit of the channel. So, a breakout above the pattern could be a sure sign of a new bullish trend, while a drop below it could be fatal as the market could fall to the $52K support level in an instant.

The Relative Strength Index has also risen above the 50% mark, indicating that momentum is again bullish. As a result, the $63,500 level could be broken soon, and the price could rally towards and even beyond the middle line of the channel. This could be a possible scenario to start a price rally towards new all-time highs.

Let's discuss in the comments, do you believe a new bullish trend will start soon? 🚀#Bitcoin#CryptoNews