Bitcoin’s recovery attempts are still being judged against a larger structure that has controlled price action for months. An interesting technical analysis of the daily candlestick timeframe chart shows that Bitcoin is still following a descending channel, with every major rebound failing near the upper diagonal and every major sell-off finding a reaction near the lower boundary.
Bitcoin’s Descending Channel Still Controls The Bigger TrendEight months into a correction path defined by lower highs and lower lows from $126,000, Bitcoin is showing no signs of deviation. The daily candlestick chart shows Bitcoin has transitioned into a broad descending channel that has stayed intact for these eight months.
The upper boundary has acted as resistance each time Bitcoin has attempted a stronger recovery, first around the $97,855 lower high and later around the $83,156 lower high. Each rejection has kept the larger bearish structure alive. The lower boundary has also been important. Bitcoin previously reacted near $82,167 before bouncing into the first major lower high, then fell again to around $60,000 in early February 2026.
The rejection move from the $83,156 resistance level in May also fits that same structure. Bitcoin is currently down by over 12% since that rejection and opened in June at around $73,670.
Prediction Markets Favor $60,000 Before $100,000 
