Bitcoin Breaks Down: Fakeout or the Start of the Big Correction?

Bitcoin has just broken down from a descending channel that was five weeks in the making. Is a fast descent to $75K and then $70K about to take place, or could this be a fakeout, with the $BTC price already potentially basing on support at $78K? $BTC price settles at $77,800 - a bottom already found? Source: TradingView On the face of it things do not look good for the $BTC price . More than five weeks inside a descending channel that would more often than not break to the upside, a break to the downside has occurred instead. This was a very sharp break with $5,500 knocked off of the price in the space of several hours.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Daily.