Bitcoin Price Tests Key Support Levels Amid Decline
The Bitcoin price has been declining steadily since reaching its local high at $82,300. Currently trading at around $78,400, it may be heading back to either the bottom of a channel at $77K or strong support at $76K.
According to TradingView, if these levels do not hold, the price could drop all the way down to $73K.
The 4-hour chart shows Bitcoin's recent movement within an ascending channel. After three touches to the top of the channel, it's possible that the price will now come down for an additional touch at the bottom of the channel.
If this occurs, there are two potential scenarios: either the price will bounce back up to the top of the channel or break through and continue downward. The first level of support in a breakdown scenario is at $76K, but if the measured move out of the channel is completed, it could take the price as low as the $70K region.