Bitcoin Technical Analysis: Bullish and Bearish Scenarios

#Bitcoin is currently recovering from a support trendline of a descending channel. This line suggests that prices may hold at this level or begin to rise. #BTCUSDT

Also, #BTC is trading within a key sideways demand zone. This zone acts as an area where demand is high and prices can find support. $BTC

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200MA is a long-term trend indicator and when the price breaks above this level it is generally considered an indicator of a bullish trend (uptrend). Currently, this moving average is acting as support and if the price stays above this level there is a possibility that the uptrend will continue.

Possible Scenarios:

1. Bullish Scenario:

If Bitcoin successfully bounces off the support trendline and the horizontal demand zone, this can be considered a bullish signal. In this case, the price may have the potential to move upwards and break past the current resistance levels. In particular, the price is likely to increase with the support of the 200-period moving average (200MA).

2. Bearish Scenario:

If Bitcoin breaks both the horizontal demand zone and the support trendline, then a bearish move may be seen. Such a breakout indicates that the price may move further downwards and seek new support levels. After the breakout, longer-term support levels such as the 200-period moving average may also be tested.

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