Bitcoin\u2019s recovery attempts are still being judged against a larger structure that has controlled price action for months. An interesting technical analysis of the daily candlestick timeframe chart shows that Bitcoin is still following a descending channel, with every major rebound failing near the upper diagonal and every major sell-off finding a reaction near the lower boundary.<\/span><\/p>\n The<\/span> latest rejection around<\/span><\/a> $83,100 in May has now become the main focus, and Bitcoin is now moving back into the lower half of the channel, where the final <\/span>bottom could be waiting.<\/span><\/a><\/p>\n Eight months into a correction path defined by lower highs and lower lows from $126,000, Bitcoin is showing no signs of deviation. The daily candlestick chart shows Bitcoin has transitioned into a broad descending channel that has stayed intact for these eight months.<\/span><\/p>\n The upper boundary has acted as resistance each time Bitcoin has attempted a stronger recovery, first around the $97,855 lower high and later around the $83,156 lower high. Each rejection has kept the larger bearish structure alive. The lower boundary has also been important. Bitcoin previously reacted near $82,167 before bouncing into the first major lower high, then fell again to around $60,000 in early February 2026.<\/span><\/p>\n The rejection move from the $83,156 resistance level in May also fits that same structure. Bitcoin is currently down by over 12% since that rejection and opened in June at around $73,670.\u00a0<\/span><\/p>\n Now that Bitcoin is trending downwards, the projection is that the <\/span>next move lower<\/span><\/a> may not be just another ordinary lower low. The <\/span>projection by <\/span><\/a>a crypto analyst that goes by the name NoName on X places the projected end of the channel near $51,291, which can also be seen as the possible cycle bottom.<\/span><\/p>\n There are multiple technical outlooks that are <\/span>predicting a further bottom<\/span><\/a> before Bitcoin embarks on a new rally. These predictions also line up with a separate sentiment signal from prediction markets.\u00a0<\/span><\/p>\n Most notably, prediction markets Kalshi Crypto <\/span>currently has a<\/span><\/a> 60% implied chance that Bitcoin hits $60,000 before $100,000, meaning crypto participants are currently assigning more weight to another major downside move before a six-figure recovery<\/span><\/p>\n Kalshi also gives Bitcoin <\/span>only a<\/span><\/a> 34% chance of moving back above $100,000 before January 2027, which is a major reversal from the start of 2026, when the market priced a 94% implied probability of BTC trading above $100,000 by the middle of the year.<\/span><\/p>\n Bitcoin would still need to lose important support zones before that deeper target becomes realistic. The first test is whether sellers <\/span>can keep the price above<\/span><\/a> the middle of the channel at $70,000 and prevent another rebound back above $78,000 and $83,000.<\/span><\/p>\n Featured image from Getty Images, chart from Tradingview.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s recovery attempts are still being judged against a larger structure that has controlled price action for months. An interesting technical analysis of the daily candlestick timeframe chart shows that Bitcoin is still following a descending channel, with every major rebound failing near the upper diagonal and every major sell-off finding a reaction near the […]<\/p>\n","protected":false},"author":2,"featured_media":429138,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-429134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=429134"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429134\/revisions"}],"predecessor-version":[{"id":429139,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429134\/revisions\/429139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/429138"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=429134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=429134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=429134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s Descending Channel Still Controls The Bigger Trend<\/b><\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n
Prediction Markets Favor $60,000 Before $100,000<\/b><\/h2>\n
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