BTCUSDT: Discount in 1D channel
2024-10-02

The chart shows that Bitcoin (BTC/USDT) is currently within a clear downward channel. With red arrows marking the highs and green arrows marking the lows, the bearish trend is still dominant. Bitcoin is experiencing a slight recovery after hitting resistance but may likely retest the support level around the $58,000 - $56,000 range. If it breaks below this support zone, there’s potential for a further drop towards $50,000.

Based on current market news, if geopolitical tensions and pressure from global financial policies persist, BTC may continue its short-term downtrend.