Bitcoin remains trapped in a descending channel with lower highs and lower lows. Breaking above this channel on the weekly chart is the first signal the decline is ending.
A real recovery requires spot-based buying, not just short-covering. ETF flows matter because they signal whether institutions are accumulating or rotating out.
With inflation at 3.4% and employment data weak, traders are cautious. The Federal Reserve's September decision is still a month away, leaving room for more volatility.
Watch for Bitcoin to close above the descending channel on the weekly chart and hold that level during pullbacks. That pattern would suggest institutional conviction is returning.
If Bitcoin breaks the channel resistance, $70,000 becomes the next technical level. Getting there requires sustained buying pressure and sustained ETF inflows, not one-day rallies.
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