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The king of crypto is dancing within a rising channel, currently hovering around $84,000 after facing resistance near the $86,000 mark. But with support levels still holding, is this just a minor retracement before Bitcoin sets its sights on new highs, or are we in for a rude awakening? Let’s break it down!

Bitcoin Price Analysis: Riding the Bullish Channel – But Will It Last? — Source: TradingView

Bitcoin’s Price Structure: Climbing the Channel

From the 4-hour chart, Bitcoin is moving within a clear ascending channel, with the lower boundary acting as solid support and the upper trendline serving as resistance. The price is currently testing the middle of the channel, meaning we could either see a bounce back up or a breakdown towards support levels around $82,000.

Support Levels:
- $82,000 → The lower boundary of the channel; a breakdown here could trigger further declines.
- $80,000 → A psychological support zone where buyers may step in aggressively.
Resistance Levels:
- $86,000 – $88,000 → Upper trendline of the channel; breaking this would open doors for $90,000+.
- $92,000 and beyond → A crucial supply zone that could signal an explosive rally if broken.

RSI Suggests a Neutral Market – But Beware of Weakening Momentum!

The Relative Strength Index (RSI) is currently sitting around 57.3, indicating a neutral momentum—neither strongly overbought nor oversold. This means the market is at a crossroads, waiting for a push in either direction. However, if RSI dips below 50, Bitcoin could struggle to maintain its position within the channel.

Possible Scenarios: To the Moon or a Nosedive?

Bullish Scenario: Breakout Above $86,000

If Bitcoin bounces off support and breaks past $86,000, we could see a push towards $90,000 – $92,000 in the coming days.
Institutional demand and ETF inflows could be the catalyst for a major rally.

Bearish Scenario: Breakdown Below $82,000

If support at $82,000 fails, Bitcoin might dip towards the $80,000 psychological level or even lower.
Macroeconomic factors, profit-taking, or an increase in selling pressure could accelerate losses.

Final Thoughts: Stay Cautious but Optimistic!

Bitcoin is still in an uptrend, but momentum is showing signs of exhaustion. If bulls want to maintain control, $82,000 must hold, or we could see a deeper retracement.

For traders, this means waiting for confirmation—a strong bounce off support for a long position, or a breakdown below key levels for shorts. In the meantime, grab your popcorn 🍿 and HODL on tight!

Prediction: If Bitcoin holds the channel, we could see $90,000+ soon—but if it falls below $82,000, expect a temporary bloodbath. Stay tuned!

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Roman B.

I have 6 years of writing experience on several leading websites dealing with cryptocurrencies and other investments. I have been in the Web3 sector for a similar amount of time and have collaborated on several projects from NFT to P2E. My previous experiences: Business2Community.com, TradingPlatforms.com, CryptoSvet.