Bitcoin previously experienced a strong bearish phase, declining sharply from the upper price region and entering a well-defined downward channel. Within this structure, price consistently formed lower highs and lower lows, confirming sustained selling pressure. During this phase, several attempts to reclaim resistance failed, reinforcing the bearish bias and keeping the market capped below the descending trendline. After the breakout, price transitioned into a new upward channel, where higher highs and higher lows began to develop. The market respected the rising channel support and used previous resistance as a new support zone around 69,000, confirming acceptance above this key level. The successful retest of this zone highlights strong demand and validates the bullish structure.
Currently, $BTC is consolidating inside the upward channel after a breakout from a local range. This consolidation suggests healthy price action, as the market digests gains rather than showing aggressive distribution. The structure indicates continuation rather than exhaustion.
My Scenario & Strategy
As long as BTC holds above the 69,000 support zone and continues to respect the lower boundary of the upward channel, the bias remains bullish. Sustained acceptance above this level increases the probability of continuation toward the next major resistance zone around 72,300, which represents the upper supply area and the next logical upside target. This resistance zone may act as a reaction area, so partial profit-taking could be considered there. A clean breakout and consolidation above 72,300 would further confirm bullish strength and open the door for continued upside expansion within the channel.
However, if price fails to hold above the support zone and breaks back below the channel structure, the bullish scenario would weaken. Such a move could trigger a deeper pullback toward previous consolidation levels or a retest of lower support. For now, the overall market structure supports long setups while above key support, with momentum favoring continuation. As always, wait for confirmation and manage your risk properly.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.