Bitcoin Price Trapped in Ascending Channel

The Bitcoin price broke out last Thursday and tagged an important overhead resistance level at $82,350. However, it was quickly rejected, resulting in another higher high being made.

The price structure has morphed into a slightly ascending channel, which could be the key to breaking through the critical macro high at $82,825.

On the 4-hour time frame chart, the price action is now below the channel midpoint, making it resistance. Additionally, the level of support just below at $78,530 could catch the downward movement.

The daily time frame shows a rising channel on top of a huge rally, but superimposing another channel over the original reveals a bull flag structure. If this interpretation is correct, an explosive breakout from the top of the channel could lead to an upward price surge.