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Bitcoin is trading around $81,609 within the downtrend channel that has been forming since September 23 and is showing a negative signal after reaching the upper band of the uptrend channel around $84,700.
Yesterday, during the US trading session, we observed this sharp move in Bitcoin and noted that the cryptocurrency faced strong resistance at the upper band of the downtrend channel. Technically, Bitcoin has held at this level, and since then, the trend has reversed, leading to a sharp decline.
On the H4 chart, we can see that Bitcoin is trading below the 21 SMA and below the 200 EMA, which leads us to believe it could continue falling until it reaches the 6/8 Murray level and could ultimately reach the lower band of the downtrend channel, located around $78,750.
If Bitcoin settles below the 6/8 Murray level in the coming days—a zone that has historically served as a strong support level, allowing Bitcoin to continue rising on previous occasions—a technical rebound above this zone could be seen as a buy signal.
Conversely, a decisive break below the uptrend channel formed since October 13 could accelerate Bitcoin's downward movement, and we could even expect it to reach the 5/8 Murray level around $78,125.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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