Bitcoin (BTC/USD) Tests Key Support Within Downtrend ChannelBitcoin is attempting to stabilize after finding support at the lower boundary of a well-defined descending channel. The price has rebounded +5.44%, climbing back toward the $85,000 level, but remains below the 50-day SMA (94,968), which has acted as dynamic resistance.
Despite today's bounce, BTC remains in a broader downtrend, with both the MACD and RSI showing bearish momentum. The RSI at 42.82 suggests the market is still in neutral-to-weak territory, while the MACD remains in negative territory, confirming downside pressure.
Key Levels to Watch:
📉 Support: 77,000 (200-day SMA), 75,000 (trendline support)
📈 Resistance: 90,000 (mid-channel resistance), 95,000 (50-day SMA)
A breakout above the channel could signal trend reversal, while continued rejection at resistance would keep the bearish bias intact.
-MW