Peter Smith
⬤ Bitcoin is clinging to the $90,300-$90,500 support zone on the 1-hour chart, which marks the bottom edge of its current rising channel. After pulling back sharply from above $92,000, BTC has stabilized at this level. The chart shows multiple bounces around this zone, making it a crucial area for near-term price action.
⬤ The technical picture shows Bitcoin trading inside an ascending channel that's been guiding movement over recent sessions. After hitting the upper boundary, price reversed and dropped back to channel support, where it's now consolidating. Candlestick patterns near $90,400 show indecision—neither buyers nor sellers have taken control yet.
⬤ If a strong bearish candle breaks below $90,000, it would confirm the channel has failed. That would open up downside targets at $89,200 and $88,500—both areas where price reacted before. Until that happens, Bitcoin technically remains within the channel, with traders watching for either a breakout or breakdown.
⬤ This setup matters beyond Bitcoin itself, since BTC typically drives short-term sentiment across crypto markets. The squeeze near the lower channel boundary raises the odds of a sharp volatility spike. Whether Bitcoin holds above $90,000 or cracks lower will shape near-term direction and influence momentum across the broader digital asset space.
Peter Smith
