BTC is attempting another recovery, but the broader bearish structure remains firmly in place after two consecutive ascending-channel breakdowns.
On the 1H chart, price has bounced toward the 78K–79K resistance zone, where the main descending trendline also comes into play. Despite the short-term buying response, this area could attract sellers again if BTC fails to sustain a breakout.
Institutional demand remains a concern. US spot Bitcoin ETFs recorded approximately 1.04B in net outflows across October 30 and November 2, while renewed weakness in global equities is keeping investors cautious. With spot demand still subdued, BTC may struggle to sustain a recovery over the next few sessions.
A rejection from 78K–79K could push BTC back toward 76K, followed by the main downside target near 75K.
The bearish setup weakens if BTC breaks and holds above 79K, reclaiming the descending trendline.
Preferred scenario: rejection around 78K–79K → 76K → 75K.
On the 1H chart, price has bounced toward the 78K–79K resistance zone, where the main descending trendline also comes into play. Despite the short-term buying response, this area could attract sellers again if BTC fails to sustain a breakout.
Institutional demand remains a concern. US spot Bitcoin ETFs recorded approximately 1.04B in net outflows across October 30 and November 2, while renewed weakness in global equities is keeping investors cautious. With spot demand still subdued, BTC may struggle to sustain a recovery over the next few sessions.
A rejection from 78K–79K could push BTC back toward 76K, followed by the main downside target near 75K.
The bearish setup weakens if BTC breaks and holds above 79K, reclaiming the descending trendline.
Preferred scenario: rejection around 78K–79K → 76K → 75K.
Trade closed: target reached
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Join our group and unlock real-time Forex, gold, and crypto signals — sharp insights, fast alerts, and opportunities you don’t want to miss.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.