Bitcoin Technical Analysis – Daily Timeframe
In the daily timeframe, Bitcoin is currently trading at the lower boundary of its descending channel, which coincides with its demand order block at $50,000. The daily supply and demand levels are indicated by the blue box, and it is currently oscillating within this range.
Bitcoin Technical Analysis – 1-Hour Timeframe
In the 1-hour timeframe, Bitcoin has broken downward from its ascending channel after encountering the supply order block at $65,000 and is currently trading within the 4-hour demand zone. If it experiences demand from buyers in this range, we can expect a potential price recovery to higher levels.
Conversely, if the 4-hour demand zone is breached, we can expect a heavier downward drop from Bitcoin.