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After Bitcoin reached its all time highs around $69,000USD per coin in November of 2021, it’s been downhill ever since. Currently sitting at roughly $20,080USD, it has dropped over 70% of its value in less than a year.
Let’s break this down from a technical viewpoint, keeping it very simple with only a few lines. Not much else is needed.
On a daily time frame, Bitcoin has broken through channel after channel and there’s no signs of slowing down.
Looking at the history of the previous channels, after a breakout below which is marked with a yellow circle, bitcoin has continued to fall.
Let’s zoom in and see potentially where BTC/USD could fall to.
There is a strong support sitting at $17,590USD, which is the previous low of the downtrend which could very much attract the price of bitcoin back down to that level.
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