Bitcoin was created with the idea of an electronic peer-to-peer cash system. It is unlike any government-issued fiat currencies, such as the US Dollar or the Euro. The decentralization allows users to send funds to each other without going through any intermediaries.At the time of this writing, BTC is ranked as the largest cryptocurrency, according to CoinMarketCap. TheBitcoin gives users control over financial stability instead of financial institutions.
According to the monthly time frame, the trend is in favor of the bulls. BTC is now testing a major support level. The structures on the left leave clues. You can see that this is a major support level for BTC. Last time, BTC spent roughly three months sitting on the level. $35,000 is a key psychological level, a close below it may cause the price to continue making lower lows. The bulls need to turn it up a level if they want to keep the bullish channel structure. There is no confirmation of direction yet.
A similar structure could be observed back in 2020 when BTC formed a bullish channel. Fast forward to today's price action, we are looking to confirm the support. Roughly 7 days are left in the month. Are there are signs of bulls on the lower time frames?Sticking with our logarithmic chart, we are now finding a pattern in the weekly time frame. You can see that the price is establishing short-term support.
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