Bitcoin is coming off the top of a descending channel from April 1st.
Whether we see BTCUSDT breakdown for one more leg lower or clear channel resistance is anyone’s guess.
One thing that has left me hesitant is the lack of volume.
Volume has been relatively light for BTC and even ETH since the start of April.
In fact, it’s trended lower since the start of 2021.
That can change, but for now, the lack of volume is concerning.
If we see BTC clear ascending channel support near $57,700, we could see another test of $57,000, and perhaps even $55,600.
Below that is the CME gap at $54,000.
Alternatively, a close above the $58,800 area should send Bitcoin back to $60,000.