Bitcoin Faces Resistance Amid Downward Channel

Bitcoin is currently trading at $59,655.07, struggling to break free from the descending channel that has been shaping its price action since March 2024. The cryptocurrency remains under pressure as it hovers below the 12-day moving average, now at $61,376.79, a level that has acted as a significant resistance point in recent sessions.

The market sentiment around Bitcoin remains cautious, with the broader crypto market facing uncertainty due to regulatory concerns and shifting investor preferences. Despite brief rallies, Bitcoin has yet to break above the upper boundary of the descending channel, suggesting that the bearish trend could continue unless there's a decisive move above the $61,000-$62,000 range.

If the price fails to sustain above these levels, Bitcoin could be at risk of testing lower supports around $56,000, which aligns with the lower boundary of the channel.