Bitcoin Stuck in Descending Channel as Traders Bet on $60K

Bitcoin's price has been stuck in a descending channel since it peaked at around $126,000 eight months ago. The channel has maintained its grip on the market despite several failed attempts to break out of it. Lower highs and lower lows have consistently pushed Bitcoin's price down, with each stronger rally stalling at the upper edge of the channel.

The May rejection at $83,156 was a significant event that cut the price by more than 12%, leaving it near $73,670 in June. Since then, Bitcoin has continued to trade inside the channel, with traders on Kalshi giving it a 60% chance of hitting $60,000 before reclaiming $100,000.

An analyst known as NoName has predicted that the channel's end is likely near $51,291, which he considers the probable cycle bottom. However, other technicians warn that the floor could print even lower, below $50,000. Bitcoin will need to lose support zones it has so far defended for this to happen.