Currently, Bitcoin is trading beneath the lower boundary of the price channel, which has flipped into a key resistance zone. As long as the price remains below this zone, bearish sentiment could persist, keeping the market in a cautious state.
Despite the weakness, there are signs that the downward sub-wave might be nearing completion. The structure suggests that a short-term upward corrective wave could emerge as the market attempts to stabilize and regain footing.
However, the Academy cautioned that if signs of weakness begin to emerge near the current resistance zone, the market could face a potential reversal. This shift could trigger renewed bearish pressure, pushing Bitcoin into a deeper corrective leg.
