Bitcoin has shown a significant upward trend since November 2022. The most popular cryptocurrency rose from $15,460 on November 21, 2022, to $108,388 on December 17, 2024. This represents a 701% increase, indicating substantial price appreciation over a two-year period.
The price of Bitcoin moved within an upward channel, forming higher highs and higher lows, until it broke below the lower boundary of the channel, signaling a bearish breakout.
In technical analysis, the upper and lower bounds of a channel act as resistance and support levels, respectively. A candle closing below or above these levels typically signals potential bullish or bearish movements.
Recent price action on the H1 chart suggests high volatility, with the potential for either a breakout or a rejection, as an H1 candle has closed below the critical support level of $92,000.
Bitcoin’s price is currently exhibiting bearish momentum as it breaks below the established upward trend channel and key support level of 92k.
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