Bitcoin Back in Bullish Structure, but Overbought Conditions and Firm Resistance Weigh on Price

The bulls have managed to avoid a Bitcoin breakdown out of a rising channel pattern with a 4.2% rally. However, now that the $BTC price is back inside the rising channel can it stay there, or are overbought conditions and firm resistance going to drag it back down? $BTC price breaks back into the ascending channel Source: TradingView Zooming down into the 4-hour time frame we can see that the $BTC price has just about managed to get back into the big ascending channel . This is a very positive move. Had the price lost touch with the bottom of this channel, a measured move down to $70k could have been the result.

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